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Distinguish between a demand function and a demand curve. What relationship is indicted by a change in a demand curve? Demand Functions: can be given either for a whole industry or for a person firm. Somewhat different impartial variable would be used in industry, when compared with company, demand equations with perhaps the most important difference being the actual fact that variables representing competition’ actions would be pressured in firm demand functions.

For example, in a firm’s demand function, the price charged by competing firms and a second advertising variable measuring competitor’s advertising expenditures may be included. Demand for the firm’s product would be related to its own price negatively, but positively related to the price charged by competing firms. Similarly, demand for its products would be positively related to its own advertising expenditures, but would be decrease with additional advertising by other firms probably.

Since company and industry demand functions differ, different models or equations must be specified for estimating the tow kinds of demand. However, this matter need not concern us in this chapter, because the demand relationships developed here are applicable to both firm and industry demand functions. The demand curve function specifies the partnership between quantity demanded and everything the variables that determine demand. The demand curve is that area of the demand function which expresses the relationship between the price charged for a product and the number demanded, holding continuous the effects of most other independent variables.

2. What is the acceleration principle? The acceleration concept is most beneficial known in business evaluation and macro economics where in fact the impact of a big change in usage of business inventories often causes investment to fall and precipitate a drop in financial activity. The acceleration process helps to explain one very important reality of financial life; that capital goods industries experience much higher cyclical fluctuations than consumer goods industries.

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This certainly has important implications for business companies processing capital equipment and for communities whose financial base is basically the produce of capital goods. The acceleration rule can be an important tool for analyzing the produced demand for capital goods. As with most theoretical constructs, however, it offers empirical restrictions. First, the accelerator effects, will need place only if the original output of the final product made full use of the available capacity. Second, the acceleration basic principle reflects only 1 kind of stimulus for demand of producers’ goods, the stimulus of increased demand for the ultimate product is viewed as more than only a temporary fluctuation. Nathaniel C. O. (2002 -2010), Production Management Concepts and Cases, Enugu: Precision Publishers Limited. Note: – The book “The Other Woman In Marriage” is a touching life stories of alarming crumbling relationships come up with by the writer Israel Onoriode Ugbo.

” Little do I know how much trouble this job would cause me soon. We began spraying the house with yellow color and IMMEDIATELY noticed it had not been within the dark green. We let it dry, and then sprayed ANOTHER coat, which also didn’t cover. After 3 coats (and three times the paint originally approximated) it finally protected the old color. 300 I decided. Not only that, my 3-man team stop because they fundamentally had to color everything three times so that it would cover properly.

They got frustrated and remaining. I remember looking at the home after my employees quit, and feeling hopeless completely. There was everywhere since we’d to spray so much overspray, including overspray on the chimney and roof – one of the most severe errors you can make. Luckily the homeowners were very understanding/patient people, and knew I had been trying my best. Otherwise, this could have led to a costly lawsuit.

The moral of the storyplot; experienced painters will dsicover potential problems that you will not. Bring them to the job site before quoting the client and make sure your bid covers any extra work or materials required. It’s easy to get eager when you’re worn out, hurting for money, and aiming to keep a deadline.

Don’t let this bargain who you hire for the job. A sloppy team can cost you a lot more money and hardship over time. A good crew will create happy customers, that may create referrals and future business. Spend a bit more time and money on reliable people. You’ll be happy you did. That is literally exactly how I started my painting business. We are in 5 states Now, with over a 100 crews working for us. And there are more homes to color ALWAYS. We’d love to hear how you started your painting business.