1. Select a current economic issue confronting the Philippine business/economic sector today. Provide its background and give your comments.
2. Supposed that you are a businessman owning a sago't gulaman stand. There are three other stores nearby that sell the same product. In order to gain customers and create more profits, you are planning to decrease the price of one glass of sago't gulaman from P12.00 to P10.00. You asked your friend who is an economist to compute for the price elasticity of your product. The price elasticity is 0.87. Is your decision to decrease the price would result to more revenues? Why or why not?
3. How does the Law of Demand and Supply apply to teachers and other professionals? Explain.
11 comments:
Jude Marck S. Bagsao
BSE-Eng
Economics with LRT
Wed; 9am-12nn
1. The Philippine economy is currently facing the problem of cushioning the effects of the global financial crisis on the productive sectors as well as on the most vulnerable group, the poor.
2. Yes, because more revenues will earn if the price will decrease. Inelastic demand will happen, because less than 1 (0.87.) is the price elasticity.
3. The Law of Demand and Supply apply to teachers and other professionals. If you work more hard and continue to love your job, it is possible to increase your salary. Budget.
Jude Marck S. Bagsao
BSE-Eng
Economics with LRT
Wed; 9am-12nn
1. The Philippine economy is currently facing the problem of cushioning the effects of the global financial crisis on the productive sectors as well as on the most vulnerable group, the poor.
2. Yes, because more revenues will earn if the price will decrease. Inelastic demand will happen, because less than 1 (0.87.) is the price elasticity.
3. The Law of Demand and Supply apply to teachers and other professionals. If you work more hard and continue to love your job, it is possible to increase your salary. Budget.
Mark Philip M. Basilio
BSHRM 2
Assignment In Economics w/ LRT
Answer:
1. The current economic issue is high price of the product specially meat and fish. that can affect our consumer when the news shown that other people sell botcha so consumers are afraid to buy meat it can affect our seller.
2. Co’z there some happening that people try to decrease there price to go the consumer to there store on my own I have to sell another product that other competencies doesn’t not have.
3. The demand higher and the supply goes down.
4.
Fritz Mark b. antonio
BSHRM-1
wed 9-12pm
1.economic problems faced by the Philippines today is the imbalance of imports and exports. The negative trade is heavy and only by the service account surplus. Over the last two decades, Philippine exports have shifted from commodity-based products to manufactured goods.
2.why not if i less the price of my sago't gulaman stand i will earn more revenue because all buyers will buy at my stand because i have less price than to others. Inelastic demand will happen because less than 1 is the price elasticity.
3.if the teacher love her/his job and like to stay longer for his job, the principle or owner will increase his salary because of long work or regular.
Lara, Christiene Marie M.
BSHRM II
1. The Philippine economy is currently facing the problem of bus booming, if these will not stop many inno0cent people die at the same time the bus corporation and bus driver got a low salary.
2. 0.87, that was less than 1, we must say that in this case i face with an inelastic demand. i think i made a wrong decision because the price elasticity is less than 1 so, my business tends to full down.
3. The law of demand and supply for teacher. if there is many student demanding for teacher there is many teacher possible have their job, but the more teacher hired lesser their salary.
ARBIOL, ANDREA NICOLE A.
BS HRM - II
WEDNESDAY 09:00-12:00
1. Unemployment rate is a perennial problem in the Philippines. There are a lot of fresh graduates every year but the supply of job opportunity is dwindling. Professionals like doctors, nurses and opted to go abroad where pay is higher. I guess the blame is to our government because of the very low salary. If only corrupt officials would be kicked out of the office and really good and honest officials would replace them, i guess employment might boom.
2. The result of the price elasticity is INELASTIC because it is less than one. It is said that more profit is gained by making the price higher. From the given situation, we can say that lowering the price from 12Php to 10Php is not a wise move to make because it makes the profit or revenue lower than what is expected.
3. The law of supply and demand pertains to the relationship of the commodities needed by the consumers and the availability of the products supplied by the producers. It is said that the higher the demand, the lower number of products are being supplied. Associating it with the teachers, we can say that with the high number of students we have nowadays, our low number of teachers is not enough to provide all of them with the kind of education needed which leads to low quality of education given to the students.
ARBIOL, ANDREA NICOLE A.
BS HRM - II
WEDNESDAY 09:00-12:00
1. Unemployment rate is a perennial problem in the Philippines. There are a lot of fresh graduates every year but the supply of job opportunity is dwindling. Professionals like doctors, nurses and opted to go abroad where pay is higher. I guess the blame is to our government because of the very low salary. If only corrupt officials would be kicked out of the office and really good and honest officials would replace them, i guess employment might boom.
2. The result of the price elasticity is INELASTIC because it is less than one. It is said that more profit is gained by making the price higher. From the given situation, we can say that lowering the price from 12Php to 10Php is not a wise move to make because it makes the profit or revenue lower than what is expected.
3. The law of supply and demand pertains to the relationship of the commodities needed by the consumers and the availability of the products supplied by the producers. It is said that the higher the demand, the lower number of products are being supplied. Associating it with the teachers, we can say that with the high number of students we have nowadays, our low number of teachers is not enough to provide all of them with the kind of education needed which leads to low quality of education given to the students.
mark dave r, orfrecio
bshrm-2
1.one of the economic problems we have is the low budget for education. we have not much teachers to teach the big number of students.
2.it won't result to more revenues because it is inelastic. it states that in inelastic, we gain more profit by making the price higher.
3.professionals were not able to sustain the needs and demands of the people who seek their job because most of them migrate to other places.
Shedrick A. Dewara
1. high prices of commodities is a big problem to our economy. consumers were not able to stretch their budget because of the limited money they have.
2. it is inelastic. as a businessman, i wont be able to gain more profit because the result shows less than one price elasticity.
3. when professionals work harder, there will be a chance for them to have promotions that may lead to higher salary.
gelic connon r. pamplona
bs hrm2
9-12pm
1 we have low quality of health care here in the philippines. poor people were not able to go to hospitals due to high expenses of medical needs. because of this, more people suffer from their illness and oftentimes die without proper medication.
2 it is inelastic. i won't have high revenue because i'm supposed to make the price higher to earn more money.
3 teachers choose to find other jobs because of their needs. their salary is not enough to sustain their daily needs.
maruel aquino
1. the Philippines has a low budget for our agriculture. because of this, farmers don't have the enough equipments and materials they need for farming.
2. the result is inelastic. i must make the price higher in order to have bigger revenues.
3. professionals choose to go abroad because their salary is so low. they find ways in order for them to provide the things they need.
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