LIVING LEARNING IN A TECH WORLD

he economic concept that is being displayed in this article is (Elasticity of Demand). Elasticity of demand is the responsiveness of demand to a change in the price of a good or service. To determine whether this is a inelastic or elastic demand we need to analyse the characteristics of each type of demand. Elastic good or service will tend to have a large variety of substitutes meaning that when the price of increases the consumer has many substitutes to change to. Most of the time elastic goods or services are luxury good and a large proportion of the consumer’s income is spend on it. When measuring the elasticity of demand the equation that is utilised is: % change in quantity demanded divided by % change in price. Hence when the coefficient is greater than one then we can identify it is an elastic good. On the AD/AS curve this could be graphed as a very flat demand curve becoming flatter the more elastic it gets up to the point where the demand curve is horizontal which indicates perfectly elastic demand. Another characteristic of elastic demand is that it is not a habit forming good or service which means that the consumer will not get addicted to it or be in need of it allowing them to respond comprehensively to a change in price. A further concept of PED is price discrimination, which is the “microeconomic pricing strategy where the consumers are being charged different prices for the same god or service.” Businesses are able to discriminate inelastic goods and services as they know for sure that the consumers will be obligated to continue purchasing it. This discrimination often takes place on different days of the week (e.g petrol, airfares) or different times of the day (e.g Bus fares). Looking at petrol we can see that the prices are at their lowest on Tuesday and Saturday. As its regional fuel tax, different regions will have deferred tax rates which can also be considered price discrimination. Graph 1: This graph gives us a scenario in which relatively flat demand curve represents an elastic demand change. There is a relatively small increase in prices (20%), which resulted in a large decrease (30%) in quantity demanded. This would have occured due to a high number of substitutes to switch to. The proportionate change in quantity demanded is greater than the proportionate change in price, hence portraying how responsive elastic demand is. Inelastic goods or services are tend to have a small to no number of substitutes in a monopolistic market and are necessities. Since it is a necessity consumers will have no ch

Sample Solution

People tend to behave and communicate differently online than they do face-to-face. Online communication is much more detached with less nonverbal cues such as body language and facial expression to interpret someone’s meaning or intent. Also, there are often fewer social situations and norms that govern behavior in an online environment, which can lead to a lack of consequences for inappropriate behavior (Coull & Levy, 2017). For example, many people feel safer being more assertive when communicating online than they do in person. For instance, if someone disagrees with them in a text message, they may be more likely to respond strongly and defensively rather than calmly discussing the issue like they would in person (Burgess et al., 2017). Additionally, people may be more willing to share their private thoughts online because it feels safer when separated by a screen (Coull & Levy, 2017). People might also feel emboldened enough to challenge authority figures or make jokes that they wouldn’t dare getting away with face-to-face. In turn, some people might come across as overly polite and restrained on social media compared to how they act in real life – especially when engaging with strangers or potential employers (Armstrong & Hagel III , 2015). Some may try hard not come off too strong or aggressive out of fear of offending others or damaging their reputation. They could even avoid expressing an opinion altogether if it's controversial since it can quickly become part of their public record once posted. Overall, it is clear that our behavior contributes significantly to how we communicate both face-to-face and online; however this does not mean either form of communication should be disregarded as inherently better or worse than the other (Shea et al., 2018). Understanding these differences can help us navigate through different forms of communication while still maintaining respectful discourse between all parties involved.