The Inelastic Price Demand For Wheat

The Inelastic Price Demand For Wheat From a case study South Africas price of an agricultural commodity wheat fall because their suppliers United States had a boosted productivity of wheat caused by snowfall weather conditions. It is therefore concluded that the supply of wheat is elastic as the production of wheat can vary from year to year due to competition on market and whether conditions .The demand of wheat is inelastic because the consumer responsiveness is small when there is a decrease in the price of wheat .Wheat can also be viewed as normal good. [Word Count 887] South Africas wheat price fall for the first time after the price of the grain in the US dropped as snowfall in US boosted harvest. This increase in productivity of wheat in United States has an impact on South Africas wheat price because South Africa is a net importer of wheat. The nation is the regions biggest importer after Nigeria and Sudan, according to US Department of Agricultural data (Bloomberg News, 2013, 1).The snowfall resulted in more productivity of wheat therefore creating a high competitive market between the suppliers and consumers since wheat has a number of daily products .The price of wheat is therefore forced by market competition to decrease to P0 also creating a new market equilibrium E1. P S0 S1 P1 E0 P0- E1 D Quantity 0 q1 q2 q3 Therefore this production increases according to Parkin et el An increase in supply brings a shift of the supply curve to the right, (Parkin et al, 2010:104). Therefore the quantity of wheat supplied by United States will results in the supply curve S0 shifting to the as shown by the bold arrow .In this article the wheat production was boosted by snowballs falling on wheat farms, making the weather more favourable to produce more of wheat. This is an example of natural cause of production as there was no any human input to increase production. On the other natural causes can also have negative impacts for example if wheat is attacked by some kind of disease or pest the production will be very low. Other factors that increases the quantity supplied are, technology according to Econport production technology is involved in the process part. Increases in the level of production technology can make that process more efficient, (Econport, 2013).Technological advancements for example if a new wheat harvester machine is introduced the results are more wheat productivity and more surplus. This production is also affected by the number of suppliers in wheat market which when there are many they create a competitive market whereby the suppliers will not determine prices Supply for wheat is elastic since the supply of wheat varies every year which is caused by weather, in this case snowfalls and also the market competition as shown by the supply curve S0 which are less steeper and elasticity is greater than 1.Therefore a small change in the price of wheat will result will result in a larger change of quantity demanded for example if the price of wheat increases 2% quantity demanded will change by 7%. The determinants causing shifts in supply are, proportion of income for example consumers prefer commodities they can afford, the amount of the commodity demanded for example if the demand is high the suppliers are most likely to raise the commoditys price, price of related goods consumers usual prefer cheaper commodities, substitute goods related for example if the price of coffee increases the demand for tea will be high. In this case wheat is a normal good which is inelastic as consumers are less responsive to change in price. Change in demand for wheat in this article will be a small increase in amount (q1-q0).In this article the small increase is caused by price fall and in this situation consumers are more willing to buy more of wheat. The responsiveness of consumers is very small. If the price was increasing the consumers will buy less and more likely to substitute wheat with the next available alternative. Other factors include level of income if the price increases it makes a negative effect to consumers income therefore they will buy less. Consumers choice and wiliness to buy. The size of the population a larger population consumes more wheat than a smaller one and government policies for example if the government sets its minimum price above the equilibrium point the quantity demanded is reduced. Price movements are shown on the vertical axis .before the price of wheat fall the price was p1 and equal to the market equilibrium E0 where the supply and demand curves intersect. When the supply curve moved to the right the equilibrium also moved to our new equilibrium E1.As wheat price decreased our supply curve shifted to supply curve S1.This results in the shift of the market equilibrium to E1.The quantity change is (q1-q0).Looking at the demand curve we can see that it is steep therefore it has a elasticity value closer to 0 .This means wheat is relatively inelastic that is elasticity ranges between 0 and 1. This implies that change in price of wheat is greater than the change in quantity .This classifies wheat as normal goods. Thus according to Tutor2u Inferior goods have a negative income elasticity of demand, demand falls as income rises(Tutor2u,2013).For example at ceteris paribus if the price of wheat increases by 8% the quantity demanded will changes with a small percenta ge like 1%.Other types of goods are normal, luxury goods. Wheat is an agricultural commodity that is needed to produce products like bread and pastas therefore it is normal commodity and in this case consumer responsiveness to change in price is small therefore wheat is income inelastic. As wheat farmers produce more there will create a competitive market which gives us a new lower price and a new market equilibrium point E1.The supply of wheat is elastic which means a small change in price will result in a large change in quantity demanded.

Williams Cat on a Hot Tin Roof Essay -- Williams Cat Hot Tin Roof Ess

Williams' "Cat on a Hot Tin Roof" In 'Cat on a Hot Tin Roof' Williams presents the audience with w world of mendacity. Every fibre of the character's being is based on a spectrum of deceit, from self-deception, to exploitation to social lies. The characters' names themselves conceal the irony and deceit, for example Brick, the leading man. The name Brick itself suggests a tough, strong man, but Brick's character suggests a weak, pathetic man who tries hard to forget his past by indulging in a life of alcohol. Brick is mentally insecure, he lies to himself and those around him, in the first scene he pretends not to hear his wife, 'did you say something, Maggie?' The other members of the household refer to Brick as the brick house that sheltered the 'three little pigs', the strong structure that cannot be easily blown down. The 'no-neck monsters', Mae and Goopers children are the pigs, sheltered by the security of Brick. In the play lying is used to 'protect' other people's feelings because 'the truth hurts'. A web of lies covers the truth about the state of Big Daddy's health. This is to 'protect' Big Daddy and his wife from the painful reality, 'Nothin' a-tall's wrong with him but' 'a spastic colon'. Lies are used to disguise the characters real feelings, they live a lie putting on 'jewelled sandals' and 'cream silk underwear' to stop their feelings being shown. Gooper and Mae are partners in games of lies and deceit, working together to get their wishes, the inheritance from Big Daddy. The name Big Daddy suggests a physically imposing man with a big ego and Big Mama suggests a frightening woman, head of the family, a matriarch. Their names suggest how they would like others to see them but they do not... .... She builds herself up by putting Maggie down, by the end her comments have worn thin and she is ignored when she questions Maggie's 'pregnancy', Big Mama only believes what she wants to hear. It is this pressure to fit in to the family that is the source of most of the lies in the play; the audience is constantly left guessing the future, the family's lives beyond the death of 'the boss', Big Daddy. Williams leaves the end of the play open to this guessing, will Maggie get pregnant by Brick? The real question though is will Brick be able to face up to the responsibility of replacing Big Daddy and will the uncovered lies mean a truthful future for the family? I think that this is an interesting way to leave the play as it does not end 'happily ever after' but there is finally hope for the future for Maggie and Brick now they have faced up to the truth.

Politics and Emigration Paper Essay

In Jen Sookfong Lee’s The End of East, the dreams and hardships of three generations of Chinese Canadians settled in Vancouver are explored profoundly. One dominant notion that is ever present is what leaving home symbolizes for Seid Quan – the first immigrant, Pon Man – his immigrant son and his youngest Canadian born granddaughter, Samantha. Leaving home for Samantha not only meant freedom from her own family, but also facing similar adversities like making countless sacrifices and enduring numerous obligations which both Seid Quan and Pon Man underwent as well. Although they are generations apart, they lived their lives in parallel lines; however, since they were not at ease with their own identities, they could not communicate with each other past their differences. Seid Quan was very sceptical from the beginning of his journey to Canada and all the opportunities that lie ahead of him. On the boat he hears, â€Å"†¦ but there would be jobs, good paying jobs, jobs with which you could feed your family for a year with two month’s pay and in a place with that kind of opportunity, the going could only be easy† (Lee 15-16). Even these words of promise couldn’t assure him as he clearly observed that he doesn’t see any rich man on the boat. Later, he is reminded by other immigrants that he can doubt all he wants, but remember how much money the people in his village saved to send him to this golden mountain (Lee 16). At that point he realises the moral obligation towards the villagers and prepares himself for the sacrifices he will need to make. Therefore, he picked up any work that came knocking i.e. cleaning at a tailor store. To deceive himself he would say, â€Å"As long as I can send money home, that’s enough for me† (Lee 29). For Seid Quan, leaving home meant an opportunity, a chance to end poverty for his family and the villagers back in China but at the cost of being lonely. Not only was he lonely from leaving everyone he knew behind; he never got the sense of belonging in Canada even after working hard, â€Å"They are not citizens and they do not vote, so, like the ge neration before them who died, weathered and forgotten, on the cold rail lines, their suffering is barely noticed† (Lee 44). For Pon Man, leaving home wasn’t a choice; rather it was imposed on him by his parents. Even though it wasn’t his preference, he had high ambitions and expectations from Vancouver, Canada. On the contrary, his dreams start to tremble since the very first day as he says to his father, â€Å"I don’t see anything worth money here, just a room we have to share.† Disregarding the fact that Pon Man grew a teenager without even seeing his dad, he did not like his father for plenty of other reasons. For example, he loves to draw on the sketchbook which was a go away present from his mom but according to Seid Quan, â€Å"this drawing is a waste of time, time that could be spent on working hard and helping me save.†(Lee 87) Secondly, he never liked working at the barber shop which his father owned, â€Å"Pon Man gagged whenever he had to touch the wet clumps of hair that gathered in the corners of the shop and collected in the sinks.† (Lee 75). He did not like that his life was totally governed by his dad every step of the way. However, he clearly remembers his obligations towards his dad from his mother saying, â€Å"You must do what your father tells you, even if you don’t like it or don’t want to do it†¦. He’s your father and deserves your obedience.† (Lee 80) Thus, leaving home for Pon Man not only meant leaving China where he lived for the first fifteen years of his life but also breaking free from the invisible shackles that bound his dreams and ambitions to his father. Home for Samantha was something she was frightened of, as she says, â€Å"But really I am simply afraid†¦ with my mother’s footsteps coming up quick behind me, I know that I have irrevocably returned† (Lee 3). Samantha’s mother Siu Sang was very controlling of her daughters and would expect nothing but perfection as it is evident when she starts throwing the dishes (with the smallest speck of g rease) just cleaned by her young daughters. She was obligated to listen to everything her mom asks, especially coming from a Chinese background. For a period of six years she had enjoyed the freedom from her family, escaping to Montreal for studying. However she had to sacrifice her freedom and come back due to her elder sister, Penny, getting married. She looks at Penny’s face and observes, â€Å"†¦ the loosening of the muscles around her eyes and mouth. I wonder if I looked the same when I left Vancouver for Montreal six years ago, delirious with the kind of happiness only escape can bring.† (Lee 6) She realizes that her obligations for her family have made her come back to the very place which she thought she has left for good. Conversely, this time around she is certain that she will never be able to leave her responsibility as the youngest daughter, taking care of her aging mother as she says, â€Å"†¦ they all left, gradually, one after the other. Somehow, it never occurred to me that, in the end , I would be the only one still here.† (Lee 62). Thus, leaving home for her meant escaping from Vancouver, escaping from her mother – towards her freedom. Leaving home for Seid Quan and Pon Man meant similar sacrifices and obligations; however, the small differences in their ideologies created a massive communication gap between the father and son. As Seid Quan tries to make his son understand the reason for coming to Canada, he elaborates saying, â€Å"There’s no money to be made in the village, just remember that† (Lee 74). He explains the hardships back home and the importance of money. However, he contradicts himself by saying, â€Å"It’s not about expensive things. It’s about hard work and saving and supporting a family† (Lee 74). Even after working in Vancouver’s Chinatown for many years, Seid Quan wonders, â€Å"if he will ever go home for good, or if he will always be stuck in this land that shimmers with rain and is not quite dream, not quite day.† (Lee 39) He wants t o go back home but again he thinks of bringing his family over as he says, â€Å"†¦we could have built something here, lived in a house, walked through Stanley Park together.† (Lee 45) Regardless of their differences, Pon Man was like his father in a few ways, always thinking dually and that life in China was better. For example after observing the place where him and his father will be staying he says, â€Å"Our house in the village was nicer, and it didn’t smell so mouldy.† (Lee 74) He also reflects that everyone, like him, wants to escape this city, for despite the trees and mountains and pure water, Vancouver is as cold and hard at its core as anywhere else in Canada. Even though he thinks of going back and the harsh conditions life threw at him, he stays in Canada, works hard in the morning and studies in evening to become an accountant, in which he finally succeeds and moves out of Chinatown. Both father and son lived their lives in parallel lines; however they could not communicate to each other as Shew Lin, wife of Seid Quan says, â€Å"her son and husband, two men who have barely said a dozen words to each other in the last year†¦Ã¢â‚¬  (Lee 166). They never learnt to express their feelings and had to keep their inner desires hidden, unspoken, forgotten but not forgi ven. It is apparent, when Pon Man thinks he needs to be forgiven by his father, whom he despised all throughout his life, â€Å"†¦ he knows he needs to be forgiven for something, but what?† (Lee 218). In addition, Seid Quan also wanted something similar as he thought, â€Å"it was beyond him, to imagine the things he would want to say to his son, the kinds of things, he would want to ask forgiveness for (Lee 239). Thus, the very notion of cognitive dissonance is vivid throughout both their lives. On the other hand Seid Quan barely spoke with his youngest granddaughter Samantha; not because of their gap in generation but rather less because both of them were not the talkative type. After all it is repeated over and over again, how less they speak about something that actually matters as it would not make any difference to what will actually happen. It always came down to what was needed; not for the individual but for the entire family. Besides their unspoken similarities, both shared an unbound connection to their birthplace. Seid Quan always wanted to go back to China after his debts were paid off instead of bringing the family over and Samantha always wanted to leave Vancouver but leaving this place was like leaving herself. (Lee 11). In addition, it was through finding of Seid Quan’s cigarette tin, Samantha unearth a lot about her grandfather as she found the Head Tax certificate (Lee 5). In comparison, both lives of Pon Man and Samantha were governed by Seid Quan and Siu Sang respectively. Both father and daughter were under their control and always sacrificing for the family in order to meet their obligations. For Pon Man, it meant giving up art and not pursuing education after high school. Not only his dreams had to be sacrificed, he also had to work in the barbershop against his will (Lee 75, 86-87). Along the same line, Samantha had to leave Montreal and come back to Vancouver and take the responsibilities of her mother; thus sacrificing her freedom and her love affair with Matt. Both Pon Man and Samantha take defiance as their only way to revolt against their over controlled lives. Pon Man disobeys Seid Quan and goes smoking with his high school friends (Lee 81) and Samantha defies her mother by going around and having rough consensual intercourse casually. However, both father and daughter pay a price for their defiance. Pon Man gets cancer from smoking which leads to his death and Samantha wakes up from a night’s sexual encounter with a pool of blood on her bed and a visit to the hospital (Lee 154,180). Maybe it was karma or just a co-incidence but nonetheless they both had to pay for their actions. The very essence of cognitive dissonance is prominent between Seid Quan, Pon Man and Samantha in Jen Sookfong Lee’s The End of the East. Duality guided their daily lives, always having to surrender their inner desires to meet the obligations required by their family. Since none of the characters could have a firm grip on their own identities, they always suffered from expressing their feelings, even to the ones closest to them. Thus, it caused the three generations to not be able to communicate with each other past their self identity crisis.

Strategies for Competing in a Changed China - 4888 Words

Strategies for Competing in a Changed China Magazine: Summer 2004Research Feature July 15, 2004 Peter Williamson and Ming Zeng This paper presents the results of the authors’ detailed research into competition between multinationals and local Chinese companies in 10 industries over the past five years. They conclude that local companies are now threatening multinationals’ plans to conquer the China market. They analyse this new competitive game in terms of a dynamic battle of competencies. Multinationals start off with better industry-specific technology and know-how, and a higher level of competence in key functions like marketing and financial management. Chinese companies enjoy a better understanding of the local market, lower†¦show more content†¦Our research over the past five years into the battles between multinationals and local Chinese companies reveals that while market dominance by local champions is far from universal, it’s becoming ever more frequent. In industries as different as beer brewing, mobile-phone manufacturing and laundry-detergent production, Chinese com panies — often seeming to appear from nowhere — are forcing multinationals to rethink their strategies and their hopes for explosive growth in the China market. 1 The message is clear: Multinationals must factor in the existence of robust local competition, while considering the new opportunities that have opened up as a result of China’s WTO membership. To understand the way competition between multinationals and local champions is evolving and to pinpoint the keys to success, we traced the evolution of competition in China in 10 industries over the last 10 years.2 We conducted more than 100 interviews with dozens of leading companies operating in China, both multinationals and locals, and reviewed thousands of pages of secondary data. The picture of competition that emerged from our research can best be described not in terms of traditional market positioning, but as a battle of competencies between multinationals and local players. Constraints on Multinationals Multinationals generally start off with clear advantages in two areas: They haveShow MoreRelatedMattel : The Ultimate Barbie Dream House1347 Words   |  6 Pages In 2009, Mattel opened Barbie’s first flagship store, House of Barbie, in Shanghai, China. Known as the ultimate Barbie dream house (Voigt, 2012), Mattel spent millions on setting up the most fashionable boutique where you could go to have all Barbie’s needs met for bot child and adult, to include dolls (Wang, 2012). 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