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Ap Human Geography Chapter 4

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Chapter 4 Elasticity What is elasticity? Elasticity means the ability of an object to resume its normal shape after being stretched, or the ability of something to change and adapt. Some examples of elasticity is a bungie cord and rubber bands. Then there things that can be the opposite of elastic; which is called inelastic. Some examples that are inelastic are keyboards and pens. This concept of things being elastic or inelastic can also be incorporated into macroeconomics. Price elasticity of demand refers to the responsiveness of the consumers to a price change. For example some products that consumers are highly responsive to would be buying coffee at a coffee shop because a small price change can affect a large change in the quantity purchased. Since this product is highly responsive it correlates to this product being elastic. An example of a product that customers being less responsive to would be buying mouthwash because if there was a major price change it would only cause a small change in the amount …show more content…

Elastic demand is when the coefficient of price elasticity will be greater than one. Inelastic demand is when the coefficient of price elasticity is less than one. Unit elasticity is when the percentage of the price dropping equals the same percentage that the quantity of the product is demanded. So that means the price elasticity coefficient would be equal to one. Perfectly inelastic is when a price change does not result in a change in the quantity demanded. So the coefficient of the price elasticity would be equal to zero. Perfectly elastic is when a small price reduction causes the buyers to increase their purchases to as much as possible. In return this would make the price elastic coefficient would be infinite. Perfectly inelastic and perfectly elastic are in extreme cases

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Vinoy Place Condominium Association is a luxury high rise property with the goal of being the premier property of downtown St. Petersburg. With 102 condo units valued over $500 per square foot and an annual budget of over 1.5 million it is critical that Vinoy Place operates at a highly effective level. From my observations of the Vinoy Place entities I do believe they achieve this goal. What I saw was an extremely strong board of directors who pay attention to detail, understand their roles, and ensure they fulfil their fiduciary duties to the association. The highly intelligent and qualified board oversees a strong manager, Jill Silverman, who is highly praised by them.

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Geography is the study of the world and its culture, region, atmosphere and climate. We can study many things through geography and cartography. Maps not only show us the layout of countries and oceans but also climate, precipitation, terrane and population. Geography not only encompasses physical features but also human and environmental features. Human geography illustrates how and where people live.

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Unit 3 Discussion Assignment Elastic vs Inelastic Household good Inelastic One example of an elastic good is the price of natural gas. Firstly, let’s look at the supply of natural gas. If we look at the energy market, with a growing trend moving away from coal and other high pollutants we can see there are few substitutes. As coal moved out of favor and towards natural gas there are substitutes that would influence the demand of gas overall.

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The five themes of geography. Everyone learns about them in their global studies class. Some people may think its a waste of time, but if you didn’t spend most of your time in that class slacking and watching the office, you may have walked away with some very useful information. Teaching students the five themes of geography prepares us for the “real world” and helps them to understand it. Helping them recognize it, providing them clarification, and helping them understand and make business decisions.

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Elasticity is a term that describes how much the demand or supply for a product or service changes in relation to that product’s price. Every product on the market today has an alternate level of elasticity. Products considered necessities by a majority of consumers are typically less affected by price changes, causing them less elastic. In other word, if the product is not considered essential for the consumers they are likely to buy less when the price increased, making that product elastic.

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Generally, the demand of a good is said to be inelastic when the percentage change in its price causes a smaller percentage change on quantity demanded of the good or service. Price inelastic goods or services that have close substitutes like petrol, peak rail ticket, necessities such as salt and tap water and luxury goods such as diamonds with few exact alternatives. Another example of inelastic products is the health care service in America which has been found to be empirically price inelastic. The value is around –0.17. This means that a 1 percent increase in the price of health care can lead to a 0.17 percent decrease in health care expenditures.

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