Assignment Example | Topics and Well Written Essays - 750 words - 70

Assignment Example It is not true that cabbage is cheaply made and is of low quality. Red wine and beef steak are complimentary goods. The goods complement each other. A complementary good is one whose cross elasticity of demand is negative. That is, the demand of a complementary good will increase if the price of another good decreases. Similarly, the demand of a complementary good falls when the price of another good is increased. As such, because red wine and beef steak are complimentary goods (are consumed together), an increase in the price of red wine will discourage people from buying beef steak and thus a fall in demand for beef steak. Red wine has a negative cross elasticity of demand with respect to beef steak. The sales of generic frozen orange juice soared during recession because it is an inferior good. Inferior goods are those that provide an alternative for consumers to reducing their expenditure during harsh economic times. The demand for inferior goods soars with a decrease in the level of disposable income. On the other hand, the sales of freshly squeezed orange juice declined because it is a normal good. The demand for normal goods falls with a fall in income level. As such, during 2007/2008 recession, people turned to generic frozen orange juice to cut their expenditure and thus high sales recorded. On the other hand, the number of people buying freshly squeezed orange juice declined as their disposable income fell. At point A, change in price produces equal change in quantity demanded and hence elastic. At point B, the demand is probably inelastic because a change in price yields less percentage change in quantity demanded. The firm’s products have elastic demand. For goods with elastic demand, a small change in price will cause a big change in quantity demanded. Therefore, every time the firm increased the price, it Assignment Example | Topics and Well Written Essays - 250 words - 185 Assignment Example Joycelyn’s objective of career development has been key to her high performance and provision of a worker friendly environment has enabled her to achieve a lot in her career (Mondy, Noe, & Gowan, 2005). Joycelyn has no longer taken human resource as a an administrative duty but as a responsibility to ensure that workers feel that their place of work as the right place to spend time due to the conditions that are provided by the employer. Worker motivation is a major driver to any institution that would want to get the maximum of the employees’ capability. A motivated worker has all his/her welfare well taken care of and it trickles down to the human resource to ensure that they motivate workers by providing them with essential services such as schools for their children, insurance covers etc and rewarding them fairly for the work they have done (Mondy, Noe, & Gowan, 2005). Madam Joycelyn success has come as a result of combination of various factors the work together and is geared towards the workers