Economic And Management Essay Example | Topics and Well Written Essays - 1250 words

Economic And Management - Essay Example Elasticity is an easy way of enumerating cause and effect correlations. It is described normally as a mathematical measure of the responsiveness of one economic variable (the dependant variable) following a change in another influencing variable (the independent variable), ceteris paribus. Now we shall understand what Price Elasticity of demand (PED) is, it is the measure of responsiveness of demand for a good following an alteration in its own price. If demand is elastic, then a little transform in price will consequence in a comparatively big change in amount demanded. However, if price increases by too much and quantity demanded descends vaguely, then demand would be price inelastic. (Hubbard and O'Brien, 2008) If co-efficient of PED = 0, it means that demand is perfectly inelastic. This means that any change in price whether increase or decrease does change the quantity demanded. Hence making its demand curve a vertical line in price(x axis) to quantity(y axis) space. If co-efficient of PED is between 0 and 1, when we get values of PED between 0 and 1 than we say PED to be inelastic this means that percentage change in demand is lesser than percentage change in price. Producers know that the change in demand will be proportionately smaller than the percentage change in price. ... Producers know that the change in demand will be proportionately smaller than the percentage change in price. Therefore Demand curve will be a very steep slanting line in price(x axis) to quantity(y axis) space. If co-efficient of PED = 1, when a percentage change in price changes the percentage of quantity demanded by the same proportion the PED is said to be unitary elastic. For example a 10% rise in the price of apples causes a 10% fall in its quantity demanded. If co-efficient of PED > 1, when the value of PED exceeds 1 then demand is said to be elastic, which means that a % change in price causes the quantity demanded to change by more than proportionate. For example a 10% rise in prices of apples cause its quantity demanded to drop by 15%. (Lipsey & Chrystal, 2007; Sloman, 2006) Factors Determining Price Elasticity of Demand: Now let us take a look at the key factors that determines the PED for goods and services. They are as follows: The range of near substitutes for a product / attractiveness of the good- the more the number of substitutes of a good the more elastic would be its demand because consumers can easily turn to other alternative good. For example coke's perfect substitute is Pepsi, and therefore if coke raises its price people will turn to Pepsi instead. And the more the product is unique the more inelastic would be its demand. (Tucker, 1999; Samuelson & Nordhaus, 2001) The fee of toggling amid different products - there may be noteworthy dealings expenses caught up in changing among dissimilar goods and services. For example, mobile phone service suppliers may incorporate penalty clauses in agreements or persevere on 12-month

Home Health Care Research Paper Example | Topics and Well Written Essays - 2250 words

Home Health Care - Research Paper Example The system provides a majority of advantages and as well as they provide information security to some extent. To be more specific, the paper speaks mainly of AllScripts software, the information management system used by the Residential Clinical Services. It addresses some of its features, weaknesses along with its strengths and security level. The Residential Clinical Services situated in Merrillville, in northwestern Indiana was established in 1987. This home care facility was established to provide commitment to excellence in patient care. The Residential Clinical Services main mission is to help patients and their families make the transition from hospital to home as smooth as possible. The facility is administered by Aileen M. Ellicott NP and has a total of 23 employees working there. It also serves a wide populous in the Indiana state, inclusive of; Northwest Indiana to include Lake, Porter, LaPorte, Starke, Newton and Jasper counties. The agency offers skilled nursing, physical therapy, occupational therapy, speech therapy, and medical social services for financial or psychosocial counseling and identification of appropriate community resources. Home health aides are also available for those patients who are unable to manage their own personal hygiene, prescribe exercises and meal preparation. Additionally, their services include a comprehensive Oncology program with nurses highly competent in the total care and instruction of the patients with cancer. Programs such as Pain Management, Education, Supportive Care, Infusion Therapy, Chemotherapy, Antibiotics, Hydration and Nutritional Support are available for those patients in need. They also have a policy with local hospitals that enable the administration of blood and blood products to those patients already at home whose alternative would be an admission to the hospital or ambulance transport to an out-patient setting for an 8-10 hour stay. Home health care services