Price Elasticity Of Demand Term Paper Example | Topics and Well Written Essays - 1250 words

Price Elasticity Of Demand - Term Paper Example There are two main reasons why we use percentages instead of absolute amounts. They are;  Ã¢â‚¬ ¢ If absolute changes are used, the choice of units will be arbitrary affect the impression of the consumers’ responsiveness. (Lipsey R.G and Christal K.A2007pp66) For example, if the price of cereals changes from $10 to $9 and the quantity demanded changed from 60 to 100 packets. The coefficient of price elasticity of demand will be 40. It will be seen that consumers are very sensitive to price change and the demand will be elastic.   But if the monetary units are changed from dollars to pennies we see that change of 100 pennies causes a change of 40 packets of cereals.   This will falsely make people believe that demand is inelastic. To eliminate this problem percentage changes are used. (Lipsey R.G and Christal K.A2007pp66)  Ã¢â‚¬ ¢ By using percentage, consumers’ responsiveness to price changes of different products can be easily compared. For example, if two prod ucts are taken i.e. cereals and computers. It is easier to compare the effects on quantity demanded of $1 increase in the price of a $300 computer and $1 dollar increase in the price of $1 soft drink.  Various interpretations of price elasticity of demand coefficient  Ã¢â‚¬ ¢ When Ed>1, the demand is said to be elastic. This occurs when a specific change in price results in a larger percentage change in quantity demanded.(Mankiw N.G,1998p93) Graphically it can be illustrated as follows;

Could the leaders of Europe have prevented the Holocaust Essay

Could the leaders of Europe have prevented the Holocaust - Essay Example berg Law of 1935, the violent riots against Jewish businesses on ‘Kristallnacht’ in 1938, the confinement of Jews to Ghettoes in 1940, their killing in concentration and labor camps in 1941 and culminated in their whole scale massacre in the extermination camps from 1942. They were transported by railroads and eliminated in gas chambers in Auschwitz, Treblinka, Dachau, Bergen-Belsen, Buchenwald and Maulthausen.1 Approximately six million Jews lost their lives in the Holocaust, which was described by Winston Churchill as â€Å"the greatest and most terrible crime ever committed in the whole history of the world.†2 Hitler’s rabid anti-Semitism was the prime instigator of the Holocaust, but it was also perpetrated by the Western Allies policy of appeasement, which was motivated by self-interest. Anti-Semitism has long been a part of human history and can be considered a cultural phenomenon, prevalent in Europe and America as in the rest of the world. It can be attributed to many factors: jealousy of the economic prosperity of the Jews, resentment of their claims of being the ‘chosen people,’ their vilification as the killers of Christ and 2racism. They have been used as convenient scapegoats for disasters such as The Black Death, subjected to massacres during the Crusades and the Spanish Inquisition and to pogroms in Russia and Poland. Hitler advocated world dominion by the pure Aryan races through the elimination of ‘inferior races,’ such as the Slavs, Gypsies and particularly the Jews. He set about this genocide with military precision, aided by the reluctance of Western Europe and America to take decisive measures to stop this horrendous crime against humanity. Britain and France unabashedly followed a policy of appeasement towards Nazi Germany due to several factors, which were related to their perceived self-interest. World War 1 (1914 – 1918), with its’ 7 million European casualties, had a deep impact on public opinion, particularly in