A shift of the demand curve essentially takes place or comes about when the quantity demanded of a product changes as a result of changes in factors other than its price (Hirschey, 2008). Shifts in the demand curve could be caused by changes in consumer incomes, population, consumer tastes and preferences, the prices of substitutes and complements, and future price expectations (Wessels, 2006)
In recent years, Southwest's prices have crept upward. This trend has been attributed less to pricing strategy that to changes in the underlying fixed cost structure, including rising fuel prices and the cost effects of changes to its route networks (McCartney, 2011)
The country had to peg its exchange rate to exports thus adopting the dual exchange rate system which was later abandoned in favor of floating exchange rate. (Rajan, 2002) The situation of demand and supply can be demonstrated using the demand supply curve that illustrate how lower demand and higher supply causes price hike and vice versa
However, on a macro level studies reveal that "states with higher minimum wages saw, on average, about the same unemployment rate as states with low minimum wage. Furthermore, high minimum wage states saw a greater decrease in the unemployment rate than low minimum wage states" (Cascio 1999)
For example, in the case of rent controls, landlords often "have monopoly power and supply is very inelastic. In this case a maximum price may make renting cheaper without reducing supply" (Pettinger 2012)
Many are single parents or second earners from low-income households working in an industry where the median wage is about $9 an hour (and they're not kids; 73% of low-wage restaurant workers are at least 20 years old). In speeches over the last few weeks, the president has argued for a higher minimum as a weapon against working poverty" (Bernstein 2013)
The average Costco worker "makes $22.82 an hour, gets health benefits and a pension plan" (Fox 2013)
The drop in gasoline supplies was greater than expected, and refinery usage increased, both signs perhaps of solid demand for fuel at the end of the summer driving season." (Sampson et al
The slowdown, in turn, caused a drop in demand for oil and began pushing the price of oil back down." (Stonebraker, p
Compounding the problem is the fact that nursing colleges and universities across the country are struggling to expand enrollment levels to meet the rising demand for nursing care (Rosseter, 2012). "It's a double whammy -- we can't get enough nurses, or the faculty to train them," says Sarah Keating, a nursing professor at the University of Nevada, Reno, "It's so tough when you see these folks coming through and they do so well on the interviews and we have to turn away one in four," adds Keating (Fox, 2013)
: the ageing RN workforce; declining enrolment; the changing work climate; and the poor image of nursing. Solutions to the shortage followed similar themes to the contributing factors and encompassed four main areas: exploring recruitment efforts; exploring retainment efforts; improving the image of nursing; and supporting legislation that helps to rectify the shortage (Goodin, 2003)
"It's a double whammy -- we can't get enough nurses, or the faculty to train them," says Sarah Keating, a nursing professor at the University of Nevada, Reno, "It's so tough when you see these folks coming through and they do so well on the interviews and we have to turn away one in four," adds Keating (Fox, 2013). Figure 1 - Nursing Market Equilibrium (McLaughlin, 2012) Four main areas were identified as the major contributors to the nursing shortage in the U
The United States is projected to have a nursing shortage that is expected to intensify as baby boomers age and the need for health care grows. Compounding the problem is the fact that nursing colleges and universities across the country are struggling to expand enrollment levels to meet the rising demand for nursing care (Rosseter, 2012)
However, on the downside, when it comes to rent controls, Tucker (2010) points out that price ceilings in this case could end up bringing about housing deterioration as landlords try to increase their incomes by cutting on maintenance expenses. This in the author's opinion could in the long-run have the effect of reducing the number of rental units available in the marketplace (Tucker, 2010)
People drink approximately the same amount of coffee at approximately the same times of day and in approximately the same serving-sizes or quantities year-round and they ordinarily maintain those habitual behaviors for many year and even over the course of many decades. Likewise, whereas many other consumer goods and consumables are subject to the influence of style and social trends, coffee consumption habits are much less susceptible to those kinds of influences on consumers (Goldstein, 2010)
In other respects, coffee is insulated from some of the factors that typically dictate the relative price of other consumer products. Specifically, coffee is a product whose demand remains relatively constant, or in economic terms, the market for coffee is inelastic (Mankiw, 2008) because people generally continue to purchase coffee in the same quantities regardless of increases in its price
Price increases or shortages in certain supplies that are needed by Subway in order to produce its food can hinder Subway's operation in its entirety. Take for example the milk shortage noted in the New York Times, which reads, "in parts of the United States, milk is more expensive than gasoline" (Arnold, 2007, p
The same problem is mirrored in a Reuters article of the same topic which reads, "a year ago, raw milk from farmers cost processors $14-15 per hundred pounds. That cost is now $4-5 higher" (Dohery, 2007, p
Of course, employees should receive the payment deserved and mandated by the government for their work, but unless this revenue is made up in another form of profit, a company is essentially losing money for operating in the exact same manner as it had before. As Robert Schenk (2009) notes in his focus on Buyer and Seller Equilibrium, "sellers prefer higher prices to lower prices" (Schenk, 2009)
can provide a sort of cushion to a company that can otherwise be severely hurt by increases in such areas. Such price fixes can "hinder an individual but help a company" (Stern, 2007, p