Price Elasticity of Demand for Gasoline

Price Elasticity of Demand for Gasoline One could think of a number of ways that someone could cut back on fuel consumption in response to higher prices. For example, people can carpool when going to work or school, go to the supermarket and the post office in one trip instead of two, and so on. In this discussion, the factor being debated is the price elasticity of demand for gasoline. Price elasticity of demand for gas refers to the hypothetical situation if gas prices rise, what will happen to the quantity demanded for gasoline? To answer this question, lets delve into a brief overview of 2 meta-analyses of studies of the price elasticity of gasoline. Studies on Gasoline Price Elasticity   There are many studies that researched and determined what the price elasticity of demand for gasoline is. One such study is a  meta-analysis by Molly Espey, published in  Energy Journal,  which explains the variation in elasticity estimates of gasoline demand in the United States. In the study, Espey examined 101 different studies and found that in the short-run (defined as 1 year or less), the average price-elasticity of demand for gasoline is -0.26. That is, a 10% hike in the price of gasoline lowers quantity demanded by 2.6%. In the long-run (defined as longer than 1 year), the price elasticity of demand is -0.58. Meaning, a 10% hike in gasoline causes quantity demanded to decline by 5.8% in the long run. Review of Income and Price Elasticities in the Demand for Road Traffic Another terrific meta-analysis was conducted by Phil Goodwin, Joyce Dargay and Mark Hanly and given the title Review of Income and Price Elasticities in the Demand for Road Traffic. In it, they summarize their findings on the price elasticity of demand for gasoline. If the real price of fuel goes, and stays, up by 10%, the result is a dynamic process of adjustment such that the following 4 scenarios occur. First, the volume of traffic will go down by roundly 1% within about a year, building up to a reduction of about 3% in the longer run (about 5 years or so). Second, the volume of fuel consumed will go down by about 2.5% within a year, building up to a reduction of over 6% in the longer run. Third, the reason why fuel consumed goes down by more than the volume of traffic, is probably because price increases trigger more efficient use of fuel (by a combination of technical improvements to vehicles, more fuel conserving driving styles, and driving in easier traffic conditions). So further consequences of the same price increase include the following 2 scenarios. The efficiency of use of fuel going up by about 1.5% within a year, and around 4% in the longer run. Also, the total number of vehicles owned goes down by less than 1% in the short run, and 2.5% in the longer run. Standard Deviation Its important to note that the realized elasticities depend on factors such as the timeframe and locations that the study covers. Taking the second study, for example, the realized drop in quantity demanded in the short run from a 10% rise in fuel costs may be greater or lower than 2.5%. While the short-run the price elasticity of demand is -0.25, there is a standard deviation of 0.15, while the long rise price elasticity of -0.64 has a standard deviation of -0.44. Concluded Effect of Rise in Gas Prices While one cannot say with absolute certainty what the magnitude rise in gas taxes will have on quantity demanded, it can be reasonably assured that a rise in gas taxes, all else being equal, will cause consumption to decrease.

Few vs. Several

Few vs. Several Few vs. Several Few vs. Several By Maeve Maddox Reader Norma H. Flaskerud wonders about few and several. She thinks a few refers to maybe 2-3 items while several refers to maybe 3-6. Her husband says a few is 4-7 items. Few is the opposite of many. It derives from words having the meaning of small and little. It is related to Latin paucus (little, few) and even puer (child/boy). Old English feawe/fea derives from a Germanic root meaning little. The number implied in the word few is more than two, Beyond that, trying to specify how many more is fruitless. I expect the New Testament writer was anticipating more than 2-7 converts when writing: Many are called, but few are chosen. In 1940 Winston Churchill was referring to the pilots of the Royal Air Force when he wrote: Never in the field of human conflict was so much owed by so many to so few. The Few became a name for this group of fliers: 2,353 British subjects and 574 volunteers from overseas. Several comes from a word meaning existing apart. Before it came to mean more than one (about 1530), it was used with the meanings separate, various, diverse, different. In legal use several preserves the meaning of separate. In the following example it is used to show that liability is enforceable separately against each party the contractual liability of each company to insured is several and not joint In keeping with its original meaning, several may be used to separate one group from another: A large crowd of soldiers gathered to protest the law. Several were women. The word several, usually an adjective or pronoun, has also been used as a verb. A farmer or community would several a large expanse of land into smaller parcels. It would seem that few and several can imply any number you want them to. By the way, in checking the Churchill quotation, I re-read the speech in which it appears. Its worth the time of any writer who is looking for models of beautifully-written English prose. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:20 Computer Terms You Should KnowHow to spell "in lieu of"Word Count and Book Length

PROJECT 2 Essay Example | Topics and Well Written Essays - 1750 words

PROJECT 2 - Essay Example By so doing, it gives the rationale for the alternative methodology in doing this kind of research (Donald, 2010).  The journal is supported by some others on the topic. This research is, therefore, one of the best materials available in action research. It is because it gives more information on action research and the steps that can be followed when carrying out a comprehensive research are also outlined. Kitchen, J., & Stevens, D. (2014). Action research in teacher education: two teacher-educators practice action research as they introduce action research to pre-service teachers. Action Research, 23(3): 7-28.    The article analyses some of the qualitative techniques that are dependent on different forms of discourse analysis. By analyzing the different methods which depend on analysis of the spoken or written language, the journal examines the relevance of discourse analysis, while looking at qualitative techniques (Kitchen & Stevens, 2014). It entails the examination and analysis of different methods and plays an important role in the discourse analysis, which is a significant in the process of action research. Sample methods used in the analysis of the spoken or written language are discussed in the paper. By reading this article, the reader gets more information on discourse analysis. As such, he or she will be in a position to carry out the process without difficulty. Some attributes of the traditional empirical-research have not been taken seriously by various scholars. This article recognizes the advantages and the disadvantages of traditional research (Peters, 2014). By looking at the disadvantages of this type of research, the article seeks to discover the contradictions which may exist in the research methods (Peters, 2014).It comes up with the conclusion that this type of research has its individual extortions to potency. The paper therefore gets rid of the contradictions that may

Transformational Change Management Plan Essay Example | Topics and Well Written Essays - 1250 words

Transformational Change Management Plan - Essay Example Apple is an American tech giant and a multinational corporation whose headquarters is in Cupertino in California, USA. Apple is in the business of designing, developing and selling computer software, consumer electronics, personal computers and online services. So as to save time and cut costs, Apple normally outsources thousands of its manufacturing jobs to such countries as China, Mongolia, Taiwan and Korea. Thus the manufacturing of high-tech products such as iPhone has steadily moved to Asia from the US over the past decades. Thus, Apple, considered, a market leader in the smartphone industry in regard to manufacturing, is totally dependent on outsourcing/offshoring manufacturing, especially in China-a relatively low cost nation (Moyer, 2012). Apple’s stakeholders welcomed the move since the company tremendously reduced its manufacturing time and cost, two very critical elements in the lifeline of any company. Thus, in 2007, when Apple’s founder Steve Jobs needed a glass screen for the iPhone barely a few weeks before its launch, suppliers in America claimed it was not possible. Nevertheless, a factory in China, built a dormitory even before any contract was signed so that its workers could start a 12-hour shift. After the sealing of the deal, 8,000 employees were woken from sleep, provided with tea and biscuit and began fixing glass screens into the iPhone so as to produce ten thousand iPhones on a daily basis. That is how a Chinese factory helped save the situation by revamping manufacturing of the iPhone barely weeks before it appeared on shelves. Eventually, Apple had redesigned the screen of the iPhone at the last minute, resulting in an overhaul of the assembly line. New Screens started arriving at the factory near midnight. Apple executives were impressed by the flexibility and speed which no American factory could match. Thus,

Concepts in Accounting and Developing Financial Statements

Concepts in Accounting and Developing Financial Statements There are likely to be various user groups with an interest in a particular organisation, in the sense of needing to make decisions about that organization. User group Competitors they use for: to assess the threat to sales and profits posed by those businesses. To provide a benchmark against which the competitors performance can be measured Employees (non-management) to assess the ability of the business to continue to provide employment and to reward employees for their labour Government to assess how much tax the business should pay, whether it complies with agreed pricing policies and whether financial support is needed. Community representatives to assess the ability of the business to continue to provide employment for the community and purchase community resources. To assess whether the business could help fund environmental improvements. Investment analysts to assess the likely risks and returns associated with the business in order to determine its investment potential and to advise clients accordingly. Suppliers to assess ability of the business to pay for the goods and services supplied. Lenders to assess the ability of the business to meet its obligations and to pay interest and to repay the mount borrowed. Managers to help make decisions and plans for the business and to exercise control so that the plans come to fruition. Owners to assess how effectively the managers are running the business and to make judgements about lively levels of risk and return in the future. There may be conflicts of interest arising between the various user groups over the ways in which the wealth of the business is generated and/or distributed. For example, a conflict of interest may arise between the managers and the owners of the business. Although managers are appointed to act on behalf of the owners, there is always a risk that they will put their own interests first. They may use the wealth of the business to furnish large offices, buy expensive cars or whatever. Accounting information has an important role to play in reporting, the extent to which various groups have benefited from the business. Thus, owners may rely on accounting information to check whether the pay and benefits of managers are in line with agreed policy. A further example of potential conflict is between owners and lenders. There is a risk that the funds loaned to a business will be used for purposes that have not been agreed. Concepts used in financial statement are: a) Money measurement concept accounting normally deals with only those items that are capable of being expressed in monetary terms. Money has the advantage that it is a useful common denominator with which to express the wide variety of recourses held by a business. However, not all such resources are capable of being measured in monetary terms and so will be excluded from a balance sheet. The money measurement concept, thus, limits the scope of accounting reports. b) Historic cost concept Assets are shown on the balance at a value that is based on their historic cost (that is, acquisition cost). This method of measuring asset value has been adopted by accountants in preference to methods based on some form of current value. Many commentators find this particular convection difficult to support as outdated historic cost are unlikely to help in the assessment of current financial position. It is often argued that recording assets at their current value would provide a more realistic view of financial position and would be relevant for a wide range of decisions. However, a system of measurement based on current values can present a number of problems. c) Going concern concept The going concern concept holds that a business will continue operations for the foreseeable future. In other words, there is no intention or need to sell off the assets of the business. Such a sale may arise when the business is in financial difficulties and it needs cash to the creditors. This convention is important because the value of fixed assets on sale is often low in relation to the recorded values, and an expectation of having to sell off the assets would mean that anticipated losses on sale should be fully recorded. However, where there is no expectation of the need to sell off the assets, the value of fixed assets can continue to be shown at their recorded values (that is, based on historic cost). This concept, therefore, provides support for the historic cost concept under normal circumstances. d) Business entity concept For accounting purposes, the business and its owner(s) are treated as quite separate and distinct. This is why owners are treated as being claimants against their own business in respect of their investment in the business. In the business entity concept must be distinguished from the legal position that may exist between businesses and their owners. For sole proprietorships and partnerships, the law does not make any distinction between the business and its owner(s). For limited companies, on the other hand, there is a clear legal distinction the business and its owners. For accounting purposes, these legal distinctions are irrelevant and the business entity convention applies to all businesses. e) Dual aspect concept each transaction has two aspects, both of which will affect the balance sheet. Thus, the purchase of a motor car for cash results in an increase in one asset (motor car) and a decrease in another (cash). The repayment of a loan results in the decrease in liability (loan) and the decrease in asset (cash/bank) f) Prudence The prudence concept holds that financial statements should err on the side of caution. The concept evolved to counteract the excessive optimism of some managers and owners, which resulted, in the past, in an overstatement of financial position. Operation of the prudence concept results in the recording of both actual and anticipated losses in full, whereas profits are not recognised until they are realized (that is, there is reasonable certainty that the profit will be received). When the prudence concept conflicts with another concept, it is prudence concept that will normally prevail. g) Stable monetary unit concept the stable monetary unit concept holds that money, which is the unit of measurement in accounting, will not change in value over time. However, in the UK and throughout much of the world, inflation has been persistent problem over the years and this has meant that the value of the money has declined in relation to other assets. In past years, high rates of inflation have resulted in balance sheets, which are drawn up on a cost basis, reflecting figures for assets, that were much lower than if current values were employed. The value of freehold land and buildings, in particular, increased rapidly during much of the 1970s, 1980s and 1990s, at least partly as a result of reduction in the value of each  £1. Where land and buildings were held for some time by a business, there was often a significant difference between their original cost and their current market value. This led to the criticism that balance sheet values were seriously understanded and, as a result, some businesses broke away from the use of historic cost as the basis for valuing this particular asset. Instead, freehold land is periodically revalued in order to provide more realistic statement of financial position. Although this represents a departure from accounting concept, it is a practice that has become increasingly common. h) Objectivity concept the objectivity concept seeks to reduce personal bias in financial statements. As far as possible, financial statements should be based on objective, verifiable evidence rather than matters of opinion. i) Separate determination concept the separate determination concept refers to in determining the aggregate amount of each asset or liability, the amount of each individual asset or a liability should be determined separately from all other assets and liabilities. j) Substance concept the substance over form holds if legal form of the transaction differs from its real substance, accounting should show the transaction in accordance with its real substance, i.e., how the transaction affects the economic situation of the business.

Houston Crime Stopper Proposal Essay

Description: This Crime Stopper Awareness presentation will be given to a small group of family and friends. This presentation is based on informing the audience members about the Crime Stoppers Organization in hopes of raise their awareness of Crime Stoppers and to get them more involved in stopping crime in our area. It is an opportunity for the audience members to learn about the many accomplishments of Crime Stoppers, and what makes this organization so successful. The audience will come to understand about how Crime Stoppers is able solve crimes and reduce the crime rates in the area. There will also be a segment focusing on the Safe School Program and how audience members can also get involved to help fight crime. All information in this presentation was obtained from the Crime Stoppers website: www.crime-stoppers.org Crime Stoppers Awareness Presentation The first Crime Stoppers program was implemented in New Mexico in 1976 and they have been growing ever since. Today there are over 3100 Crime Stoppers chapters across the United States, and an additional 1000 more scattered throughout other areas of the world. The Houston Crime Stoppers program was set up by local businesses in 1981 due to the increased level of crime in the greater Houston area. Crime Stoppers is a community-based program that works with law enforcement to solve crimes, ensure safer neighborhoods and schools for our children and also to provide people with the tools they need to help create a safer community. Houston Crime Stoppers has not only had a big impact on Houston, but also on other parts of the world. Thus, 10% of all worldwide arrests have come from tips that came in through the Houston chapter. For example, in 2007 Houston Crime Stoppers was responsible for solving over 30,000 crimes and received tips that led to 25,000 felony arrests. Also, Crime Stoppers has paid out over $10 million in rewards for tips leading to successful arrests. All the money Crime Stoppers has paid out is dependent on the donation from the community and fund raising events held by Crime Stoppers such as their â€Å"Brighter Tomorrow Gala†. Crime Stoppers goal is to create a safer community by helping to capture criminals and get them off Houston streets. In 2012, Crime Stoppers help to led to 684 felons arrests and solve 751 crimes such as: 18 murders, 10 capital murders, 79 robberies and 32 burglaries. Also, there were 34 cases solved in 2012 involving sex crimes against children. In addition, since 2007 Houston Crime Stoppers has assisted in helping to put criminals behind bars, to date the totaling jail time is 10,859 years in prison, 45,018 days in county and 24 life sentences. All these criminals were arrested, taken off the streets, and incarcerated thanks to the tips received from the community trying to stop crime. Another important program sponsored by Crime Stoppers is their Safe School Program that was started in 1997 and their motto is â€Å"Safe School Program is to cultivate and educate the youth of today and prevent the crimes of tomorrow†. This program has helped to remove guns from schools and in 2011 and 2012, Crime Stoppers helped solve 186 school related crimes. The goal is to not only fight the crimes occurring at public schools but also to educate students and thus far, Safe School, has provided over 1,000,000 students with safety training. This not only cuts down on crimes within the schools, it also leads to fewer student dropouts. Safer school led to safer neighborhoods, which increases property values and community job growth in the area. Therefore, protecting your children, schools and neighborhood from crime is an investment to the entire community! Crime Stoppers has been so successful not only because they work with law enforcement, but also due to the support they receive from the community. It is the tips from everyday people that allow the crimes to be solved and for the criminals to be apprehended. For instance, in the past many people had been afraid to contact the police to report information about a crime for the fear of retaliation or from fear of consequences from law enforcement. The key element in reporting tips to Crime Stoppers is that the individuals can remain anonymous; no questions asked. Also, any tip that results in a felony arrest, Crime Stoppers will pay a reward of $5,000 in cash, and again, no questions asked! By offering this reward incentive and allowing people to report their tips anonymously, more information is being reported, and more crimes are getting solved. Crime Stoppers is able to receive tips several way: by phone through their tip line at 713-222-TIPS, and also by text and email. So, Crime Stoppers offers a cash incentive for reporting tips and in doing so, have made it safe from anyone’s identity being revealed and easy for the various channels tips to be reported. In addition, Crime Stoppers has several other active programs in the efforts of making the greater Houston area safer. The newest society is Mothers Against Crime, which started in 2006 in hopes for safer neighborhoods for our children. Also, Crime Stoppers and the Gulf Coast Offenders Task Force have launched a campaign in arresting criminals with outstanding warrants for crimes against children. All that Crime Stoppers are able to do cannot be done without the involvement of the community, and the financial support of local businesses and individuals. Therefore, to help stop crime in our area please join in the fight with Crime Stoppers by getting involved in their local programs and/or donate to Crime Stoppers to help them continue to make Houston a safer place to live. It takes everyone in the community, working together to fight crime! Thank you.

The Unusual Mystery Into Environmental Essay Samples

The Unusual Mystery Into Environmental Essay Samples Use of water is an additional important aspect in regard to the environment. Introduction The Environment is the primary resource for tourism. Forests are the principal lungs of the Earth and the most important atmosphere for a wide array of animals, birds and insects. The caliber of the environment, both natural and man-made, is important to tourism. The majority of the living species rely on the water body to call home, therefore it is quite essential to control the water pollution. The contamination of the living environment contributes to the deaths of the whole all-natural ecosystems. Animal and plant biota don't have dates related to them. An environmental problems essay must also concentrate on how best to encourage individuals to safeguard their environment, and the advantages of this kind of endeavor. You can get in touch with your writer through our support department should you need to specify some vital points to earn your work more customized. It is extremely important to be sure it stays clean so as to live healthier and peaceful life. From time to time, you might also be happy to do the job, you have the wisdom and the skills, but you do not have the time. Part of their work is to receive communities prepared to confront the challenges caused by climate change. More than that, the issue needs to be resolved on a worldwide level by the united efforts of the international community. Environmental problems ought to be handled by the united efforts of the international community. There are not any minor remarks. Whenever your deadline is tight, you will likely write us nervously write my essay and think we'll see what you need from 1 sentence. You receive a preview of your essay and ask to create corrections if necessary. Students may seek out professional writers' or writing agencies' help to acquire their essays written in a customized format. The majority of the moment, they are asked to write argument papers that present a particular point of view and attempt to persuade the audience. New Questions About Environmental Essay Samples There are many effective solutions that could help us to fix the problem of pollution in our environment. Ultimately, the general public needs to be encouraged to boycott products created by Palm Oil companies. Some people believe that the very best way to fix environmental problems is to raise the amount of fuel for cars and other vehicles. Today, sustainable materials are somewhat more high tech with fantastic innovation behind them, states Primoz. The New Angle On Environmental Essay Samples Just Released Environmental sustainability is truly about preserving the planet's resources for future generations. The campus is anticipated to grow drastically over t he subsequent ten decades, with a new residence built and a number of other new buildings to be constructed in the forseeable future. Science should serve society, as opposed to corporate and political interests. The Start of Environmental Essay Samples The invasion of private space makes a good deal of people uncomfortable. When it is constantly violated it can cause anxiety for people. Most people in densely populated areas don't have land they can protect. It is extremely important to explore the many different forms of pollution and all probable methods of their prevention as a way to make our planet a safe spot for the increase and development of all living things. Ideas, Formulas and Shortcuts for Environmental Essay Samples There are many environmental issues in cities that it might be hard to pinpoint certain causes of anxiety. Tourism is based on the environment because environment is a significant tourist attraction. Individuals must remember that nature is at th e border of the catastrophe. Also, there are several human diseases brought on by water pollution. The effect of environmental pollution is dependent widely on the kind of pollution that's causing it. For instance, it cannot be fully controlled with the current population. With time, environmental pollution was connected to different kinds of cancer. Ifenvironmental pollution increases at exactly the same pace, it is going to allow it to be difficult for future generation to survive. Type of Environmental Essay Samples The paper must give the impression you know what you're doing. The aforementioned essay can be concluded by saying that it is quite vital to look at the increasing use of technical equipments to boost the caliber of air. Order your paper today and revel in the time spared! Folks feel the need, not just for primary essentials, like a slice of bread and a roof above their heads, but in addition for several facilities and luxuries. Ok, I Think I Understand Environmental Essay Samples, Now Tell Me About Environmental Essay Samples! EU environmental legislatio n confers a selection of substantive and procedural rights to citizens which should be upheld by national courts on the grounds of environmental accessibility to justice. Privacy is harder to attain in a densely populated place. Privacy Privacy is the selection of a person to or not to interact with different folks.