D1 Business Environment

British Airways stakeholders. Those indivivals who have interest to BA operations are BA’s stakeholders, or any individuals whose action can affect BA’s operation can be stakeholders of British Airways. Stake holder can be either internal or external. Internal stakeholders: are those who are involved with business internally for example owners, shareholders, managers and employees. External Stakeholders: are those who are involved in business externally for example customers, suppliers, local community and government. Owner: Since BA is public Limited Company so it belongs to its share holders. More control goes to that individual who has big share in the company so share holder have a major influence in directing and managing the company as well selecting the board of directors who run the company and set the goals and strategic planes. Every share is marketed in stock exchange market so BA’s share ranges from small to big values. Therefore Shareholder wants their share to be valued higher and higher so, they can sell their shares in better prices if the company is in better economical condition. Shareholders and owners can facilitate and bring more high quality services by putting more money in the company; buying fuel efficient Air planes, investing in high tech technology, employing experienced and qualified managers can bring development in overall functionality of BA. In addition to this, ordering planes like dream liner Boeing 787 by owners of BA would attract and bring glory and reputation to BA. Furthermore investing on fuel efficient planes, on one hand has profit to environment and on the other hand it reduces the expenses of fuel and consequently fares will go down by 20 % as result there will be more customers and more profit to the company and its shareholders. Moreover every measure in which there is intention either to upgrade the company or to down grade the company has its massive impact on the overall function of business by owners. BA owners can select a hard working, honest and reliable directors on the annual general meeting so having an experienced and full of energy board of director can bring a prosperity and achievement to the company as chief executive of BA, Willie Walsh, told the Tories they would make a big mistake if blocking the third runway, we can see that a chief executive is arguing and want to win the argument in will of BA. Employees: are those who are internally and in some extent externally associated with BA. Because we say externally, that local community some time supply the employees of a company. Employees like managers, pilots, flight attendants, IT workers, engineers and etc need a better working condition, secure jobs, suitable salaries, friendly environment from BA. In addition to this employees should be valued by the BA in order to get best result from them. But in return the employees should be hard working, enthusiastic, and polite with the customers, dedicated, committed and looking after BA’s prosperity and well being. If the BA is prosperous and rich they will receive good rewards and salaries. If the BA is not doing well in the term of service which being offered to its customers as a result the company going to lose its fame and credibility and will not be able to support itself and its employees. AS we saw last year, that as result of industrial action by cabin crew which was supported by trade union made a loss of ? 510 million to the BA to which BA . n the other hand employees should be committed , dedicated and they must try their best to follow those rules in which BA’s objectives are set . additionally employees play a major role in progression of the day to day operation of the company by being committed and enthusiastic in what they are employed to . Having hard working and dedicated employees will take the BA toward the success and prosperity in contrast lazy and time killing employee will make losses not only for company but also for himself. So having dedicated employees can going to change the company’s reputation and the way how it develops toward a better condition for example the cabin crew industrial action was taken and made a big loss to BA , if they had not taken that action the BA would not have made that much loss as result of action . Customers: are external stakeholders of the BA, they play a big role by paying to receive services from BA. They want quality services, high standard and effective performance and they wants to be valued by the BA employees during the services being provided by BA. Furthermore customer needs reasonable prices along with quality and effective services, because the British people are so critic and fault finder of services which is being provide by companies. The customer feedback is very important to BA , it should be considered critically regarding the quality of food, quality of services during a flight . The way stewards are behaving with passengers all hese affaires going to be feed backed by the customers as result of all this if the company give a quality and effective services according to customers wish and will so the customers will be again and again with BA ,if the services are poor and short of quality and effectiveness so they will never return to BA any more . as we can see and assess that all BA’s revenues come from its customers through services ranging from cargo to i ndividuals which is being transferred therefore the customers are integral and base part of BA’s stakeholders . I am a regular and multi traveller with Qatar Airways as I have seen high quality hospitality and services during the flights beside cheap prices that every time they give me offers . consequently I am a regular and potential customer of Qatar Airways so in the same way every single customer needs and wants same like me, cheap price and good services. Every action and feedback of the customers going to change the way and performance of the company. The more customers are happy the more money and prosperity going to come to BA, so every action of the customers have its considerable effect on the business. Happy customers mean good business and more profit distressed and unsatisfied customers mean that the company is not doing well it should reconsider about its operation and performance. Suppliers: Can be external stakeholders who provide what the company needs for its routine operation. Suppliers play an impressive role in overall performance of BA operation by providing Planes on which passengers being carried to tissues which are being used to clean and wipe onboard. All of these materials are being supplied and procured by suppliers along with coordination and procurement of BA. As BA has saying that every year a total of ? 5. 2 billion is purchased goods and services from its suppliers. BA is determined to make a stronger relationship with its supplier as well as compromise with them on the payment and trade credit. The more time for trade credit is prolonged the more BA is convenient and determined to pay its supplier enough cash. As BA ‘s CEO said in the chartered institute of purchasing and supply in London â€Å" Close co-operation between British Airways and its key suppliers will be vital in helping the airline to weather the economic storm. He emphasized on finding the new opportunity to seek cost reduction and cost efficiency ways with suppliers. As, BA has introduced some tough measures to its strategic suppliers in recent economic downturn. Now BA and its suppliers are supporting each other by introducing cost efficiency and price reduction scheme , but there would be no change in services ,which BA provide for the people . BA and its suppl ier have come to a term on how to eliminate wastes, improve efficiency and ways to find how to run business smoothly by coordinating within suppliers and BA. The major suppliers who supply the fuel, engines have pledged to reconsider about tier prices in the tough economic recession and its good news for BA. Now a day BA is looking for other alternative fuel like bio fuels with engine suppliers but predicted slow progress. Suppliers need prompt payment as long as there logistical package is delivered or services provided and they want extended contracts and new offer. In addition giving value for supplier might bring more coherence relation between BT and its suppliers. Trade Union: is an organization which supports the employees in terms of better working condition, hiring, firing, payments through bargaining by its leadership on behalf of employees by employers. In UK trade unions supply the workforce, skilled and qualified individuals to companies. For example the pilots, stewards ,engineers and other staff who are necessary for operation of BA is being provided and introduced by Trade Unions , so whatever comes to BA employees in term of salaries , working hours ,firing ,redundancies, job cuts and pensions Trade unions will take decision against BA’s action regarding the employees. Trade unions made an election on which to find that who is going to vote for industrial action and who going to vote for strike, in long and puzzling negotiation between cabin crew, Trade Unions and BA officials finally they voted for a strike . As Consequence the BA revealed a steep loss for the April to June quarter after being hit by cabin crew strikes. Additionally the greatest losses come to BA as result of industrial action which was taken by staff. Finally the figures put the amount of money which BA has incurred as result of strikes and industrial actions cost it ? 44-191 million. For all this reasons Trade Unions has its own influence over the function and operation of the BA business as stakeholder. The above issues which happened on the verge of Ester brought some bad reputation for BA as well as lost some of its credibility among the people who would book for holidays, so BA would have suffered having lost its customers to rival carriers beside being hardly hit by loss of millions as result of strikes and actions by Unions. Government: is an important external stakeholder of BA whose actions and decisions will bring some changes, which will be very useful but some time it can be very destructive for the BA and other companies as well. For instance putting flight bans on UK’s territory as result of ash cloud in which BA incurred an amount of ? 50 million each day. As result even The British Pilot Association called on the government to give a banking system bail out for the BA Company which is in verge of recovery from recession. 50 million loss a day had destructive impact on the economy of BA as result of government decision putting ban on domestic as well as international flights as due to ash clouds from Icelandic volcano on 2010. On July of 2007 BA had struggle with government over single-bag rule which put in place to prevent passengers especially those who wanted to land in Heathrow as transit passenger from carrying more than one bag which was very unfavourable and disliked by many passeng er and made unattractive Heathrow airport for many visitors . As a result the head of BA and its shareholder in AGM criticised the government policy which was a hinder over the way of BA and reduced the number of the passenger and visitor as result. UK government wants a blooming and blooming BA so that to be able to survive, develop and employ more people, pay taxes and carry the flag of the UK to all over the world. Having a successful and flourish BA going to contribute economically to government and gentle governments economical policy will be in favour of BA. Local communities: are the external stakeholders as well as internal because the employees can be local community . ocal community play a major role in the function and operation of a business. Local community supply the business with labour force and some time local community support the businesses in tough times but some time there have been rows and disputes between local community and businesses, as it has been running since a long time between BA and those who are opposing agains t building of third runway in Heathrow. The groups who are against the third runway are Local community, naked bike riders, and NO TRAGE and green energy supporters. The Labour government wanted the third runway to be constructed to boost the economy by accommodating more flights and attracting more transit flights which are crossing Atlantic for American countries. All anti runway campaigners has been supported by local residents who were under flight path and more vulnerable to the consequences from flights. There is more flights in the London sky people doing want their sky criss-crossed by aircrafts and they say there was nearly a plane collision over the Londoners and human disaster and mid-air collision would have caused carnage in the capital. Even Willie Walsh BA’s CEO attacked on the Tories blaming them that they would make their biggest ever mistake by not allowing the third runway to be build but Tories opposed against the third runway as well and saying that the third runway is a horrendous price for the environment. Even though Walsh explained that major businesses like to be connected more efficiently but his opinion was reused by the Tories. As we can see that Local Community has more influence on the business For Example Extraction of third runway by BA and labour government was opposed by Local residents as well as other groups in order to have a good climate and environment. So if the local community had allowed the BA or BBA to build another runway there would have been more flights, more jobs for jobs for the people , more planes would have been ordered for suppliers , more planes would have landed and more and more profit would have gone to BA so in this case BA would have paid more taxes . But Local community along other groups opposed the scheme and no one made the runway there is no job, no flights and no money ,but in return people have nice environment they enjoy living in the vicinity of airport and no longer have fear of bad environment and plane crashes. BY supporting no to third runway campaigners Tories won the attracted more supporter from people who were against the theory.

The Effects Of Hydraulic Fracturing. Are Natural Gas And

The Effects of Hydraulic Fracturing Are natural gas and oil worth fracking for? What long-term effects will fracking have on the environment? Fracking is the process of drilling a mixture of water and other chemicals into the ground at very high pressures in order to extract natural gas and oil. Fracking has caused various changes to its surrounding environment, these changes include: water contamination, the quality of the air that contributes to climate change, fracking-induced earthquakes, and where the waste of fracking is disposed. Many of the areas that fracking effects are major contributors to its natural wildlife. If fracking continues to take place the environmental changes could harm wildlife and human lives around them,†¦show more content†¦Balance in an ecosystem is important because it keeps a certain species from being over populated or hunted excessively. The impact that fracking has on water causes the water to contaminate which then results in wildlife dying out or migrating to an unnatural h abitat. Various test done on water near fracking areas may suggest that fracking does not affect water in any toxic way. But, an environmental scientist at the EPA research facility conducted a study that shows a great deal of the chemicals used in fracking does not show up in lab test results. The chemicals used are said to be easily soluble in water, the study shows:Having easily soluble substances mixed in with the water people drink could lead to a numerous amount of people becoming sick without knowing how and unable to find a cure. An additional cause hydraulic fracturing is said to have on its environment is air pollution. The quality of air surrounding areas where fracking takes place has said to be contaminated by methane gas, diesel exhaust and many other gases. 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Fracking is a practice that is being used in order to collect natural gas from deep within the earth’s layers of shale rock. Fracking is the process in which water, sand, and chemicals are forced with immense pressure, approximately ten to fifteen thousand pounds per square inch, into the shale rock through a drilled out shaft. This pressure causes the natural gas to be

Essay Of Mice and Men, by John Steinbeck - 982 Words

During the 1930’s, many Americans were victimized by the Great Depression that had fiercely gripped the nation. Millions of people had no steady income and were forced to travel all around the country in search of a job that might support them for a little while longer. Most of these people had a similar goal; they all had a dream of reaching a heavenly place where they don’t need to worry about anything, and they have everything they’ve ever wanted. This is also what George and Lennie feel like in the novel Of Mice and Men, by John Steinbeck. These two men wander around Northern California in search for a steady job that would allow them to settle down, and possibly even get them enough money to buy their dream land. However,†¦show more content†¦This shows that Lennie will kill anything that he gets his hands on, including the dream. Another symbol that emphasizes the point of George and Lennie trying to get to their dream land is when Whit and Georg e are playing a game of cards, and Whit makes a remark about when George and Lennie start to work. â€Å"George shuffled the cards noisily and dealt them. Whit drew a scoring board to him and set the pegs to start. Whit said, ‘I guess you guys really come here to work.’† (49) During this conversation, the cards symbolize the game of life, and shows that they are dealing with their entire life’s dreams, not just of the present. The game of cards being laid out, ready to play, also symbolizes George laying out a plan of how to reach their ultimate dream land. George and Lennie â€Å"come here† to work shows how the two of them are mainly focused on getting their dream land (work) done. All through the novel, George is hinting at his determination in working towards reaching his goal of the dream land. One of these is when George is giving his spiel of how George and Lennie are going to be different from the others, and how they are going to be succes sful in life, unlike all of the other men. â€Å"If them other guys gets in jail they can rot for all anybody gives a damn. But not us.† (14) This quote shows George’s determination to be different from the rest of the nation, and to actually try toShow MoreRelatedOf Mice and Men by John Steinbeck973 Words   |  4 PagesIntroduction: I. Background A. John Steinbeck was born on February 27th, 1902 in Salinas, California. 1. Salinas River was one of the few centers for shipping, farming, and agriculture a. John Steinbeck worked as an employed laborer, digging canals and working beside men similar to characters in his novels. 2. In a discussion John Steinbeck said, I worked in the same country that the story is laid in. The characters are composites to a certain extent. Lennie was a real person. Hes in an insaneRead MoreOf Mice and Men, by John Steinbeck842 Words   |  4 Pages it was not uncommon to become morosely secluded while working. Men would go far away from their families in search of any jobs they could get, with only themselves to confide in; colleagues only filling in the void of friends and family partially. Naturally, John Steinbeck’s novel Of Mice and Men, written during this period, would reflect this fact as a major aspect of the story. Loneliness would become the sinew of Of Mice and Men, manifested in some of the story’s main characters: Candy, CrooksRead MoreOf Mice and Men by John Steinbeck1358 Words   |  6 Pagesthis expression to stress the fact that there are and will be difficulties in life. John Steinbeck, in his novella Of Mice and Men, does not fall short of the same views. 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In spite of this, both explore the presentation of female characters similarlyRead MoreOf Mi ce And Men By John Steinbeck894 Words   |  4 PagesOf Mice and Men Essay John Steinbeck once said, â€Å"A journey is a person in itself; no two are alike. And all plans, safeguards, policing, and coercion are fruitless. We find that after years of struggle that we do not take a trip; a trip takes us†. In his novella, Of Mice and Men, two men go on an unexpected journey in search for their dream of happiness. There are many themes that come from their journey such as, the gilded American dream, the bond of male friendships, the power of women and femininityRead MoreOf Mice And Men By John Steinbeck1433 Words   |  6 PagesI am writing a literary essay on the novella, Of Mice and Men by John Steinbeck. I will be responding to the question describe an important character and explain how the character helped you understand an important message. In the novella, Of Mice and Men, written by John Steinbeck, two characters, Crooks and Curley’s wife, help me understand the message ‘Discrimination isolates people’. The book takes place in Soledad, California, mid 1930’s, during the Great Depression, at a time when discriminationRead MoreOf Mice And Men By John Steinbeck1747 Words   |  7 Pages Of Mice and Men is a tragedy And The Pearl is a parable. Author s Name John Steinbeck -Title of Work #1: Of Mice and Men -Genre: Tragedy -Evidence of Genre (explain what makes the work an example of the genre): Tragedy is a branch of literature that uses a serious and dignified style the sad or unfortunate events encountered or caused by a heroic individual. 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Should We Be Mandatory Sentence Reduction - 870 Words

Mandatory sentence reduction certainly is possible, by simply shifting the focus or scale of the tough on crime indicator when it comes to drugs. We have criminalized Americans for possessing drugs in the war and drugs while in the more egalitarian Europe society simple possession is not even a crime. This translates to America in terms of a potential reduction in sentence, tests, processing, and incarceration costs for all those people arrested and convicted in the war on drugs and which has acted in practice to disproportionately penalize African-Americans. Research does call for high judges such as the Supreme Court to end the traditional and legal precedent of turning a blind eye to race discrimination in the criminal justice system (Alexander, 2011). To this point, research on mass incarceration takes issue with the fact the Court has closed the courthouse doors to claims of racial bias at all stages of the criminal justice process from the levels of justice ranging from stop s and searches to plea bargaining and sentencing. One case, in particular, stands out as drawing the line on expectations of the court to actively address racial bias in sentencing and conviction. This was in McCleskey v. Kemp and United States v. Armstrong, when the Supreme Court made ruled that it could only act or rule on matters of racial bias win the presence of â€Å"only evidence of conscious, intentional racial bias-the sort of bias that is nearly impossible to prove these days in theShow MoreRelatedMandatory Minimum Sentencing Laws Should Be Legal1150 Words   |  5 PagesAs Americans, we live one of the greatest countries in the world. Things are not perfect, but they can range from good to great. However, there is one area that seems to continuously fall behind our great national standard. This area is the level of people that to fill up our prison system. The United States has only five percent of the world s population, but it has houses 25 percent of its prisoners, which is around 2.2 million people (Collier, 2014). One of the main reasons the United StatesRead MoreAgainst Mandatory Sentencing Debate970 Words   |  4 PagesA mandatory sentence is one where judicial discretion is limited by law; those convicted of certain crimes must be punished with at least a minimum number of years in prison. The most famous example of mandatory sentencing is the ‘three strikes and you’re out’ policy adopted first in California in 1994, and now more widespread in the USA. Three strikes laws require life imprisonment for a third criminal conviction, but other forms of mandatory sentencing are now being discussed and implementedRead MoreThe Concept Of Mandatory Sentencing1096 Words   |  5 PagesThe concept of mandatory sentencing is a relatively new idea in the legal field. It was first introduced in 1951 with the Boggs Act, and it made simple marijuana possession a minimum of two to ten years with a $20,000 fine. This was eventually repealed by Congress in 1970, but mandatory sentences came back with the passage of the Anti-Drug Abuse Act of 1986. Since then, the scope and presence of mandatory sentencing has only grown, especially mandatory sentences for drug related offenses. RecentlyRead MoreThe Growing Problems of the Prison System1013 Words   |  5 Pagesare not popular as they are seen as being soft on crime and as we both know that is not favorably looked upon. Some of the options would provide a temporary decongestion of the prisons while others would be a more long term reduction in inmate populations. After reviewing I believe that there are a few that we could possibly accomplish and still portray an acceptable persona to the public. These few include reviewing the mandatory sentencing laws, education opportunities, good time credits earningRead MoreInvestigating The Roots Of The Prison Industrial Complex1576 Words   |  7 Pagesspending too much money on incarceration of individuals who rece ived long sentences for relatively minor drug crimes, and so by granting amnesty to these 46 prisoners, he hopes to push the drive towards prison reform. This simple action gave four dozen prisoners a second chance at life. This brings Obama’s commutations to 89. Presidential clemency has always been controversial. 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In the decades afterRead MoreOpiate Addiction1214 Words   |  5 Pagesopiate addicts are under age 30, of low socioeconomic status, and poorly educated.† (Zastrow, 267) Education would appear to be a viable solution here, but where does one start? Simply, the addict should be aided with fundamental assistance and training to begin to assimilate, and society at large should be helped to better understand and foster an attitude of understanding and patience based on education that is not fear-based; as has historically been the case. Analogously, this is best summarizedRead MoreArticle Report On Overcrowding Of Prison Overcrowding1074 Words   |  5 Pages Clark, Charles S. Prison Overcrowding. CQ Researcher 4 Feb. 1994: 97-120. Web. 26 Mar. 2016. This article discusses overcrowding in the United States prison system, due in part to mandatory prison sentences. Additionally, this article also discusses the challenges in managing the overpopulation of prisons and gives an objective look at solutions, to include building more prisons, to combat overcrowding. While the author does not include information about himself and his qualifications, his

Home Cooked vs. Fast Food Free Essays

Benjamin Blackburn Blackburn1 Professor Barnes English 111-16 11/19/2012 Home cooked: Health over Value Instead of putting money towards car or house payments, several thousands of dollars are spent on food purchased away from home in the average American family. The numbers are even more increasing to single status Americans. Don’t get me wrong, I like fast food, but it doesn’t come close to a home cooked meal. We will write a custom essay sample on Home Cooked vs. Fast Food or any similar topic only for you Order Now Home cooked meals are comfort foods that help a family bond. Whether it is a recipe passed down for generations, or culinary discovery made inventive genius, nothing beats a good home cooked meal with family. The main temptation to indulge in fast food is its convenience, especially during a busy work day or long road trips. With less prepare time, fast food chooses frozen foods that are shipped to location. Although there are food chains who advertise â€Å"fresh, never frozen†, these companies are not purchasing these â€Å"fresh† products from a local, reputable supplier. Adding to fast foods convenience, these chains have to take short cuts to deliver hot food, fast! Home cooked meals may not have a convenient drive-thru, but prepping fresh meats and vegetables the night before can alleviate long prep and cooking times. We all know that fast food sales for a reasonable price. Even when there is an increase in economy, they tend to remain at those prices in order to entice the customer. When some time Blackburn 2 passes, and things seem normal in economy, then they will increase prices slightly. It is my belief that fast food wants Americans to know they are suffering with them, therefore winning the people’s choice. Happy customers make for good business, with fewer complaints. Although home cooked meals seem much more expensive than McDonalds, health plays a bigger part. Having and growing a personal garden can cut these prices down to fractions that not even fast food can compare to, not to mention more nutritious. Belief in the value for a buck is not reason enough to set aside nutritional values. Most families put their trust in Betty Crocker and Stouffers from local grocery stores. These â€Å"convenience foods† are cheap alternatives to fast food but contain as much sugar, sodium, and saturated fat as eating out. Using fresh ingredients, you are more able to control the amount of harmful ingredients used in cooking. As a matter of opinion, you know what is being put in your meals. When looking at fast food from a health stand point, salads from McDonalds contain as many calories as their best-selling Big Mac when you add salad dressing. Although fast food offers health alternatives, they are not all as healthy as they seem. With America’s increase of obesity each year, home cooking is more nutritious and clean. Plus, the fact that you are able to spend quality time with family and friends. Coming from a single parent home, I was able to do homework at the kitchen table and as my mother helped me, she would also keep a close eye on the stove while preparing meals for me and my sister. Cooking is bonding time! Eating out felt like vacations when I was growing up. It was a reward for a tough week at school. We as Americans have become lazy, and are taking the easy way out far too often. Packing a healthy snack consisting of fruits and sandwiches made at home can Blackburn 3 prevent the craving for fast food while on a road trip. The same can also be applied to working lives. Home cooked meals are not just the healthy choice, they are the better choice. How to cite Home Cooked vs. Fast Food, Papers

The Demand for a Low Calorie Food Company

Question: Using the demand and supply function, the equilibrium point of the market would be estimated along with the various factors that would impact the market dynamics for the company. Answer: Introduction The main aim of the given research is to estimate the demand for a low calorie food company based upon the given information. Besides the estimation of demand function, an essential objective of the given report is to comment on the point elasticity which can eventually shed light with regards to the most effective pricing strategies. Additionally, using the demand and supply function, the equilibrium point of the market would be estimated along with the various factors that would impact the market dynamics for the company. Determination of the individual elasticities The regression equation for demand of widgets is as shown below. The respective standard errors are shown in brackets immediately below the given coefficient. Further, other critical information such as coefficient of determination and the F-value have also been provided. QD = - 5200 - 42P + 20PX+ 5.2I + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55, n=26 and F = 4.88 Further, based on the given input information about the various independent variables in the regression equation, the estimate of the quantity demanded is as shown below. QD = -5200 42*500 + 20*600 + 5.2*5500 + 0.2*10000 +0.25*5000 = 17,650 Price elasticity of demand = (P/Q)*(dQ/dP) = (500/17650)*(-42) = -1.19 The price elasticity as expected is negative and thus complies with the law of demand i.e. as the price rises, the demand of the product would fall. A negative elasticity also indicates the given product is a normal good and not an inferior good. Besides, the magnitude of elasticity is indicative of the fact that a unit percentage change in price would alter the demand by 1.19 percent in the opposite direction of the change in price. A magnitude of more than 1 indicates that price elasticity is positive (Krugman Wells, 2013). Cross price elasticity of product = (PX/Q)*(dQ/dPX) = (600/ 17650) * 20 = 0.68 The price elasticity of competitors product is positive which clearly indicates that the products are substitutes. As a result, an increase in the price of competitors product by a unit percentage would lower the demand of the competitors product and thus enhance the demand of the companys product by 0.68 percent as consumers would search for cheaper alternatives. A price elasticity of less than 1 indicates relative inelasticity (Nicholson Snyder, 2011). Income elasticity of product = (I/Q)*(dQ/dI) = (5500/ 17650) * 5.2 = 1.62 A positive income elasticity indicates that the given product is normal since the demand increases with increase in income levels. Further, the quantum of income elasticity indicates that a unit percentage change in income levels would lead to an increase of 1.62 percent in demand (Mankiw, 2014). Elasticity of advertising expenditure = (A/Q) * (dQ/dA) =(10000 / 17650) * 0.20 = 0.113 A magnitude of less than 1 indicates that the demand is inelastic ad a unit percentage increase in advertisement expenditure would lead to increase in the quantity demanded by a meagre 0.113% (Pindyck Rubinfeld, 2001). Elasticity of supermarket microwave sales = (M/Q) *(dQ/dM) = (5000/17650)*0.25 = 0.071 It is apparent from the above that a unit percent change in the ovens quantity bought is supermarkets would change the quantity demanded by 0.071% and hence the demand is inelastic (Samuelson Marks, 2003). Implications of individual elasticity for pricing The price elasticity of the product in the given case is -1.19. Further cross elasticity, income elasticity and elasticity of the demand of the product with regards to the other factors is inelastic since the respective elasticity coefficients have a magnitude of less than 1. Thus, the underlying price of the product is the most critical parameter that tends to impact the demand of the product (Mankiw, 2014). With regards to decision on price cut, it is advised that company should not go ahead and cut the price. This is primarily because the percentage increase in the quantity caused by the percentage decrease in the price of the product would lead to enhanced revenues for the company but may not generate higher profits for the company as shown below. This is illustrated using the following example (Krugman Wells, 2013). Total Revenue = Price * Quantity Sold Let the current unit price be $ 10 while the corresponding quantity sold is 1000. Let us assume that the total unit cost is $ 5. Hence, current revenue = 1000*10 = $10,000 Current profit = 1000*(10-5) = $ 5,000 Now, let us assume that the company decreases the price by 10% i.e. from $ 10 to $ 9. This would increase the corresponding quantity sold by 11.9% and hence the sales would become 1119 units. Thus, new revenue = 1119*9 = 10,071 New profit = 1119*(9-5) = $ 4476 As is evident, even though the overall sales are higher, but the absolute profits and profitability margins have declined. Thus, unless the increase in market share can offset this loss in profitability in the long run, price cur must not be resorted on purely on sales consideration (Pindyck Rubinfeld, 2001). Estimating equilibrium market conditions The quantity demanded can be estimated for different prices using the regression equation provided. Since P is the only variable in the question as other variables are constant, hence the regression equation can be written in a simplified format by substituting the given values of other variables (Nicholson Snyder, 2011). Hence, QD = 38650 42P Thus, QD (P=100) = 38650 42 (100) = 34450 QD (P=200) = 38650 42 (200) = 30250 QD (P=300) = 38650 42 (300) = 26050 QD (P=400) = 38650 42 (400) = 21850 QD (P=500) = 38650 42 (500) = 17650 QD (P=600) = 38650 42 (600) = 13450 The above values of the quantity demanded for various price levels is summarised in the form of following demand function graph. The supply function for the given product is given by Q = -7909.89 + 79.1P Hence, QS (P=100) = -7909.89 + 79.1(100) = 0.11 QS (P=200) = -7909.89 + 79.1(200) = 7910.11 QS (P=300) = -7909.89 + 79.1(300) = 15820.11 QS (P=400) = -7909.89 + 79.1(400) = 23730.11 QS(P=500) = -7909.89 + 79.1(500) = 31640.11 QS(P=600) = -7909.89 + 79.1(600) = 39550.11 The market equilibrium is reached at a point where the demand function and supply function coincide as demonstrated graphically below. The equilibrium point can be mathematically determined by equating the demand and supply functions as shown below (Mankiw, 2014). 38650 42 P = 7909.89 + 79.1P Solving the above, we get P = $ 253.84 Further, equilibrium, quantity = 38650 42(253.84) = 27988.72 or 27,989 approximately. Significant factors impacting demand and supply function One of the key determinants for low calorie food would be consumer incomes as is apparent from the cross income elasticity. Other factors impacting the demand of low calorie food are the price of the competitors product offering along with the oven sales. However, an additional variable in this regard is the change in consumer preferences and the underlying health consciousness amongst the consumers. Besides, education levels can be a key determinant of demand for low calorie food since educated people in general have healthier food choices (Krugman Wells, 2013). A low coefficient of determination of 0.55 also indicates that the given independent variables only explain 55% of the change in the product demand and thus 45% of the demand changes in the low calorie food are not represented by the current regression equation. The increase in income level of consumers would cause a rightward shift in demand while decrease in income levels would result in a leftward shift. Besides, increas e in the competitors product would increase the demand for companys product and cause a rightward shift (Nicholson Snyder, 2011). References Krugman, P. Wells, G. (2013), Microeconomics (3rd ed.), London: Worth Publishers Mankiw, G. (2014), Microeconomics (6th ed.), London: Worth Publishers Nicholson, W. Snyder, C. (2011), Fundamentals of Microeconomics (11th ed.), New York: Cengage Learning Pindyck, R. Rubinfeld, D. (2001), Microeconomics (5th ed.), London: Prentice-Hall Publications, Samuelson, W. Marks, S. (2003), Managerial Economics (4th ed.). New York Wiley Publications,

We would like to extend an offer for your unit to Essays

We would like to extend an offer for your unit to march in the 2018 Mardi Gras Parade of the Krewe of Iris. For marching in this parade you will receive an honorarium of $1000 for the Band and $500 for the Band Director which will be mailed to you at the below address within one week after the parades. The invitation to participate in the above-mentioned parades is for your unit alone and does not include any other unit marching or riding with you. In order to reserve your spot, please fill out the form below and return it to us. Your spot is not reserved until we receive this completed form and send you back a copy with our signature. Additionally, you agree to the following items: . The parade Krewes do not allow motorized vehicles to accompany any units in the parade unless special permission is obtained. . As the band director of Samuel J. Green Charter School you are responsible for the proper performance, discipline and behavior of the entire unit, including drill teams, marching groups, majorettes, band members, chaperones, guards, equipment or vehicle operators (if authorized), and any other personnel accompanying your unit. . New Orleans law states no one under the age of 12 is allowed to march in a Mardi Gras parade. You certify that no child marching in your unit will be under the age of 12. . If you have to cancel your participation in this parade, please inform us immediately. Two or three weeks before the parades, we will send you final and complete instructions. If you are an out-of-town unit, please begin immediately to make arrangements for your housing. What space is available is limited and goes quickly. We have relationships with several hotels that offer preferred rates to our bands. We can share this hotel information if needed. If you need any information before that time, feel free to call us. _________________________________________ __________________________________(______) DIRECTOR (SIGNED) SCHOOL'S NAME & NUMBER IN THE UNIT _________________________________________ __________________________________________ DIRECTOR'S HOME ADDRESS SCHOOL ADDRESS _________________________________________ __________________________________________ CITY, STATE CITY, STATE & ZIP CODE (UNIT) _________________________________________ __________________________________________ CELL PHONE # (DIRECTOR) SCHOOL PHONE NUMBER _________________________________________ __________________________________________ EMAIL ADDRESS SCHOOL FAX NUMBER _________________________________________ __________________________________________ MARDI GRAS PARADE BANDS, LLC (SIGNED) DATE ----------------------- [pic] Mardi Gras Parade Bands II 448 Pearre Springs Way Franklin, TN 37064 [emailprotected] Michael Gonzales [emailprotected] Matthew Gonzales [emailprotected] Meagan Gonzales [emailprotected] Christa Gonzales [emailprotected]