...closest gas station by my home in Merrillville, Indiana. The Speedway gas station had gas for $3.49 a gallon for regular unleaded gas. Midgrade gas was $3.69 a gallon, Premium was $3.89 a gallon, and Diesel was $3.89 a gallon. I always try to fill up before the work week, as I do not want to get stuck in Chicago, Illinois where I work, and have to fill up on gas. Gas prices are dramatically different in my 40 mile radius. Today, gas prices in Chicago off my exit for work are $3.99 a gallon for unleaded gas at the Marathon gas station at the corner of South Blue Island Ave and Western Ave (Gas Prices in 60608 Zip Code, GasBuddy). That is 50 cent savings per gallon. If I just filled up 10 gallons, which is a savings of $5. It doesn’t sound like much, but I used to fill up twice a week on my about 46 mile commute to work. For the month, that would be an estimated savings of $40 if I do not use my vehicle for anything else but work. Now my cousin Edgar, who is always thinking about the next get rich scheme, is thinking about possibly opening up two gas stations. He believes that he will make a good profit if he also sells convenience items at both of his gas stations. He found out I was taking this Economics course and figured I would be happy to help him research his idea of opening two gas stations in the area. I wasn’t too thrilled, as he always is trying to find get rich quick schemes, but this actually seemed like a legit prospect and it sparked my interest. Not that...
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...nment Assignment 1 “Making Decisions Based on Demand and Forecasting” Strayer University ECO 5550 – Managerial Economics and Globalization May 12, 2013 Making Decisions Based on Demand and Forecasting There are several demographic and independent variables which are relevant in completing a demand analysis for pizza in Loudoun County, Virginia. The first variable that I used in completing my demand analysis is the average cost per pizza in the Loudoun County, Virginia area. The average cost of pizza is imperative in completing a demand analysis, because consumers in Loudoun County, Virginia have several choices in pizza companies vying for their attention. The second variable that I used was the sales revenue for Domino’s Pizza domestic stores for the quarters ranging from the first quarter of 2010 to the first quarter of 2013. Once I obtained the sales figures for the quarters ranging from the first quarter of 2010 to the first quarter of 2013, I then divided the sales revenue in order to obtain the average sales revenue for each domestic store. In order to complete a demand analysis, and forecasting income for future periods one must be able to know the relationship between the average sales per store, and the consumers who are demanding the product. The third variable that I used in completing my demand analysis is median income for Loudoun County, Virginia. Median income is significant for two reasons; first one can tell if the median income can afford to...
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...an increase in demand causes an increase in tuition cost. This adds pressure in the economy, due to the growing amount of student loans and parent’s looking at creative options to cover the cost, such as refinancing their homes. But then, the advancement of technology could change this; however, there are complicated implication that will need to be addressed. Based on my research the major factor of the tuition increases is the reduction of state funding. The reduced state funding impacts universities; they provide 53 percent of the revenue. When the funding is cut, universities will have to cut educational or other services, and raise tuition to cover the gap. The average spend rate, per student is 23% or $2,026, which are less than the recession time. This inward turn is propelling the cost from the state to the student and influencing the universities to look at ways of covering the shortage. See Figure 1, every state except Alaska and North Dakota has cut per-spending funding. [pic] One approach is to increase the acceptance rate of out-of-state students. On average, the in-state tuition cost of a bachelor’s degree is $60,000, and the out-of-state is in the range of $100,000. This is one way to cover the shortfall of the state funding. By doing so, and the increase in demand, it will affect in-state freshmen acceptance rates. Keep in mind, there are only so many allocations available and someone needs to lose and that would be the in-state freshmen. ...
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...Structure and Firm Strategy “Six months from today I have decided to start my own online service selling cookbooks. Presently, I am working full time with an annual salary of fifty thousand dollars a year. At the time of startup for selling the cookbook I will have made twenty five thousand dollars in the first six months of the year. The twenty five thousand dollars that I give up by moving on to my internet business of selling cookbooks is a nonmonetary opportunity cost. “The opportunity cost of any activity is the highest-valued alternative that must be given up to engage in that activity” (Hubbard pg. 356; 2012). This trade off of not gaining my twenty five thousand for working the second part of the year is a cost I will encounter and must be added to my total fixed cost. In other words, the twenty five thousand dollars I loose from leaving my job in order run my own business becomes an implicit fixed cost for the first year of running my business giving me a total of 41,000 total fixed costs. In regards to pricing my cookbooks the retail price for the cookbooks will be at $30.00 and the average price of the cookbook will be $20.00. The change in the difference of the retail price to the average price is my marginal price. My marginal price is ten dollars. In other words, marginal profit = selling price ($30) – total variable cost of one unit (average of $20). In order to figure my demand curve for the month and assume that I have 40,000 cookbooks in inventory I would...
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...Energy Debate in the United States Since the 1950’s The United States have consumed energy mainly driven by oil. The demand has almost tripled since then and because of that, the United States have depended on energy supplies from countries that are not reliable and are unstable. The risks and cost of oil rising is a concern for most people to think we should turn to a different energy resource that is cheaper and more reliable than oil. The United States would be better off if we could lead the way in creating the technologies of the future in alternative fuels and energy. I believe that the United States would be in a better situation if they didn’t have to rely on other countries to supply us with energy supplies. We are spending way too money on oil which is also affected the gas prices here in the U.S. If we were able to create technologies in alternative fuels and energy we could be the ones supplying other countries and making a prophet. This also could solve other issues we have here in the U.S. For instance, solving the unemployment issue by creating jobs to meet the demand, by making a prophet, this could help in reducing our debt in this country, and not having to rely on other countries any more to supply our demand of energy supplies. This belief of mine sounds so simple but I am sure it’s not as easy as it sounds. I would like to see our country be able to solve this issue and be able to be a leader in the future when it comes to alternative fuels...
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...|Concept |Personal Example |Reference to Concept in Reading | | | | | |Microeconomics |In the natural gas market, gas is in supply all year round. |Microeconomics is a measure of | |The branch of economics that analyzes the |Natural gas to heat people’s homes is in increases in demand |specific economic units, which are an | |market behavior of individual consumers and|in the winter time. The supply could eventually run low |individual industry, firm, or | |firms in an attempt to understand the |depending upon where Shell gets its gas from. Natural gas is |household. | |decision-making process of firms and |in less demand in the summer time. There is no control over if| | |households. It is concerned with the |the price of a therm may go up anytime with People’s Gas. I |We measure | |interaction between individual buyers and |worked for Just Energy for one week last year in June and quit|The price of a specific product, the | |sellers and the factors that influence the |because they wanted to charge customers’ .79 per therm and |number of workers employed by a single| |choices made...
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...Allen October 16, 2012 According to the Iowa Department of Natural Resources, the fuels Iowans use fall into two main categories: nonrenewable in the form of fossil (coal, petroleum, and natural gas) and nuclear fuels and renewable energy resources (water for hydroelectricity, biomass, wind, and solar). The use of energy is divided into four sectors: Commercial usage is 15%, Residential usage is 22%, Transportation 22%, Industrial 41% Energy, in all its varied forms, is an essential part of every aspect of our lives. It’s the foundation for our economy and our lifestyles. In my home, most of my energy dollars goes to heat my home in the winter and make hot water. During the summer months the dollars spent on heating the home is switched to cooling the home. A small percentage goes to powering appliances and electronics. We use natural gas as a single heat source and all of my appliances are electric including the stove, washer, and dryer. I am very conscious about energy conservation in the home. We adjust the thermostat by lowering it in the winter to 68 and raising it in the summer to 78 by day and 60 and 82 during the evening. We change the furnace filter every 3 months and unplug TV’s, cell phone charges, computers, electronics, toaster, microwave, radios when we are not in the home. All lighting sources in the home are now equipped with compact fluorescent lamps vs the traditional light bulbs. Using the fluorescent lamps, we even use a lower wattage than...
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...SARGSYAN ECON545 MICROECONOMIC ANALYSIS Instructor: William Mapp Introduction Jenny, my niece, has asked me for an advice about a carrier choice that she is trying to make. Jenny wants to become a dentist. We discussed the topic of high tuition and hard work required on the way of achieving the degree. Jenny knows that I am taking a course in Business Economics and is waiting to my research based advice on whether to become a dentist or not. She also wants to know my opinion on the best location to practice it in the USA. Dental Market Demand. On the market of dental services two sides can be identified; they are the patients who represent the demand side and the dentists who are on the supply side. The suppliers-dentists- provide treatment for their patients in exchange of certain payments. These payments are to cover operating costs such as dental supplies and equipment, staff salary, marketing, space rental and so on. The patients who are in need of those services are concerned about the financial expenditures to receive it. There are two ways to pay for the services from the patients’ side: to purchase a dental insurance or to pay for the treatment. Most of the dental insurances are provided by employers. Some of the plans cover the treatment for 100% other plans cover a portion of the treatment leaving the other portion for the patients to pay. The demand theory states that services or goods are the objects of taste and preference of people. Individuals make...
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...My Diet From the information in the Wiley Iprofile, I can deduce that my daily diet is very unhealthy. I have many things that I must change to ensure proper health. Most of the foods that I intake include have a decent amount of carbohydrates but according to my DRIs, I need to include more in my diet. My levels of proteins in the foods that I eat are nearly perfect; I need to keep the amount of proteins in my diet the same while trying to increase many of the other nutrients. My total fats and lipids show that I am taking in 80 percent of the necessary amounts. Macronutrients Intake Maintaining the proper amount of macronutrients in the diet is extremely important to the overall health of a person. Macronutrients can be described as the main fuels that our bodies need for continued operation. Lack of any of the macronutrients can lead to malnutrition. Carbohydrates for example, fuel the muscles of the body and give us energy. The Demand Media Inc. (2012) website says that a lack of carbohydrates in the diet can lead to a range of problems including lack of energy, digestive problems, kidney stones and heart disease. Too few lipids in the diet have some similar effects. According to Demand Media Inc. (2012), “The body uses certain parts of lipid molecules to build the membranes that enclose and protect your cells.” Lipids also help with the production of testosterone which can lead to a low libido in men and women. Fiber Intake The amount of fiber the iprofile program...
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...report published by American Hospital association indicates that Medicare covers more than 48 million people, and the number is only increasingly growing. For example baby boomers are reaching the critical age of 65 which calls for diseases such as diabetes, hypertension, arthritis, cardiovascular disease, and mental health conditions. Apart from this aging population, the younger population is getting sicker too with obesity and its associated diseases such as diabetes mellitus, coronary heart disease, certain forms of cancer, and sleep-breathing disorders. All these health issues calls for rigorous action from health care professionals like nurses. The country’s higher institutions like Universities and colleges have responded to this demand previously by providing more nurses, for example more pathways were created to allow more people to become registered nurses (RNs) either as BSN, ADN or the more recently introduced program that allows students who already have baccalaureate degree in another field to become nurses with bachelor’s or masters degree in nursing. The IOM report indicates that our 20th century nursing educations are not sufficient and falls short of 21st century health needs. It is clear by all accounts that patients needs and environment of which nurses’ practice are continuously becoming more complex, this condition require nurse to sharpen their competencies to deliver high-quality care. This calls for different approach to nursing education and training...
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...of the key topics discussed in the report are the IOM’s impact on nursing education, nursing practice and the nurse’s role as a leader. The impact of the IOM report on nursing education The key message of chapter four, Transforming Education of the IOM report simply states that nurses should achieve higher education. They should accomplish this through an improved education system that makes is a smooth transition. There have been many changes in the U.S. health care system. With these changes, the report suggests that to be able to accommodate the changes nursing education must improve as well. Nursing education should just not stop when one passes the NCLEX exam. Nursing education should be a lifelong process of continuing education. The associate degree programs were developed in the past to attract more nurses during the nursing shortage. Today, there are more demands to higher nurses with bachelor’s degrees. Presently, the report states that the most common way to pursue a registered nurse title (RN) is through an associate’s degree. (ADN). Today the least common route is a diploma. I can agree with this. As a returning adult and new RN, there were no diploma programs in my community. Through my research it made the most sense...
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...could enhance the manufacture of the best sale to replenish the shelves; If the shoes didn’t achieve a good sales number, they could reduce the amount to manufacture and advanced the inventory turnover. Second, the raw material of plastic shoes is less expensive, so the cost of the good could be controlled easily, which lead the marginal profit to be relatively higher than the competitors. The last core competitive advantage is the comfortable product trait appealing many customers to keep consuming the brand. Comfortable is a requirement for some specific professionals and the traveler when they making the purchase decision, those loyal customers help the brand build a word-of-mouth marketing advantage. That is the reason why the market demand from customers was increasing rapidly after the brand launched out. Comfortable and environmental friendly material is the source of the success, it help Crocs accumulate its brand equity in a short time. How do they exploit these competencies into the future? In the...
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...Supply and demand By Ronald Ahrens I pick buying a new house because it is something I have done in goo time and bad times. I will talk about what are the factor that could have because the changes in the supply and demand in the area I was buying a house. Also I will discuss the two substitutes that were out there it I did not buy a new house. I will also discuss two complements that were or the house I brought. I will also explain the necessity of chosen good impact on buying a house. Well the change in the market when I brought my new house when we move from Texas. It was different when we live in Texas there were not enough house on the market so I was able to get a good price for my house. When I move to north central Illinois was the house bubble just busted and we enter a rescission that this country has not seen since the 1930’s. I look and we had a lot of good choice to choose from. I was able to buy a house that was a foreclosure for a very cheap price and it meet what we were looking for close to the church and work. We have own it since 2006 and have done many changes but with a lot of house on the market I was able to get it a very cheap price and it help out a lot. Well I had couple other option instead of buying a house I could have live in the house the church was providing but being a pastor for many years that was not going to happen I have learn that people come to the house to ask for stuff and you never get family time together. The thing was I like...
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...to live closer to cities (Erickson, 2011). According to my current reading, when you look at the term product differentiation in buying your gas, this term gives competitors the edge to host the cheapest gas (Chapter 10:253). In the current week, the Shell gas pump went from $3.65 to $3.57 per gallon and the week before that the gas price during week 1 was $3.47 expecting to rise to $4 per gallon in Lexington, KY. During my travel to Indiana the gas prices average $3.99 per gallon. In using the midpoints of price and quantity to compute the relevant percentage changes essentially gives us the average elasticity between point (a) and point (b) (Stone, Gerald. “Core Economics” Worth Publishers, 07/2011. p. 118). My equation below may show just exactly how these price may increase or decrease based on the elasticity formula: Eᵈ = 200 / 400 ÷ 3.65 – 3.57 / (3.57 + 3.65) / 2 = 200 / 400 ÷ (- 0.08 / 5.3950) = .5 ÷ -0.0148 = [-33.72] = 33.72 I think for the most part of our gas prices has increase due to determinants of our increase in supply due to our disaster issues that has pushed for aide from the government and local business. The supplies needed to help restore some of the cities destroyed will cost the economy and in such increase supply and demand. Chapter 5, Question 17 The demand for computer chips and potato chips are high during the nation’s market period. In reading an article in ebsco, “Which state...
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...gas prices. People really want to know the answer to this question and unfortunately there is no clear cut answer. After my research one thing that seems constant is that the gas prices are rising but the amount of increase is not consistent throughout the country. Even within the same state the gas prices varies. I leave out my house and the gas is $4.29 per gallon. I drive 4 miles to a suburb and the gas is $3.83 per gallon. I drive across to the neighboring state and the gas prices are $3.69 per gallon. I live in the city of Chicago, IL and every year the city is voted to have the highest gas prices in the country. When I saw the first question it was a no brainer because I really want to know why our gas prices top the national average. I am going to discuss the factors that affect the prices of gas around the country and focus on the city of Chicago. There is no one factor that contributes to the rise of gas prices. The fluctuation of gas prices can be contributed to a combination of factors. Some of the factors that have been seen throughout my research are the price of crude oil, increase in demand, distribution network breaks, refinery capacity, and taxes. The Oil Producing and Exporting Countries (OPEC) determine how much oil to produce and distribute. OPEC attempts to stabilize the prices of crude oil but the supply has stagnated and the demand has increased. Not to mention that the U. S dollar has lost some value; therefore causing OPEC to raise prices because oil...
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