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Microeconomics Practice Problem - Elasticity and Revenue

o level Cross Price Elasticity Of Demand

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O LEVEL BUSINESS STUDY CHAPTER 25

Chapter 25: Business in the international community

The international dimension
In business, no manager can operate without being affected by the international community. 

Exchange rates
Exchange rates is the value of one currency compared to another. 

How are exchange rates determined?
There are two type so currencies:

• Floating rates: The exchange rate of the currency is allowed to change freely depending on market forces, i.e supply and demand of the currency.
• Fixed rates: The exchange rate of the currency is set by the country's central bank.

When the exchange rate rises, it is called appreciation. When it falls, it is calleddepreciation.
How are businesses affected by changing exchange rates?

• Appreciation:
  • Import prices fall.
    
  • Export prices rise.
    
• Depreciation:
  • Import prices rise.
    
  • Export prices fall.
    

These exchange rate movements can cause serious damage to businesses, making business endeavours that would have been profitable make losses because of changes in the currencies. The EU, for example, wants to limit these bad effects, and hence established a common currency, the Euro.

International economic organisations

• Economic and political unions. (e.g. the EU)
  
• Free trade agreements. (e.g. NAFTA)
  
• Organisations working for free trade between countries. (WTO)
  

The European Union

• Consists of 25 European countries.
• Creates a single market in the EU.
  • To tariffs, quotas or any trade boundaries.
  • This results in:
    • A huge market benefiting from economies of scale.
    • Increased competition resulting in better products.
• Common currency.
  • Issue of Euros are controlled by the European Central Bank.
  • Interest rates for the Euro become the same.
• The social charter:
  • The EU wants to improve working
    conditions and make finding
    josbs equal in the EU.
  • The main conditions include:
    • Workers can look for work anywhere in the EU.
    • Workers must be consulted on important issues.
    • Equal treatment of full/half time workers.
    • Limits on maximum working hours.
    • Improved health and safety rules at work.

Advantages for the UK to join the EU

• Lower costs because:
  • One price list throughout Europe can be used.
  • No more charge through currency conversion.
• Easier to:
  • Trade with EU countries.
  • Compare costs of supplies with EU countries.
• No risk of losing out on exchange rate changes.

Disadvantages for the UK to join the EU

• More competition from non-UK firms.
• Consumers might buy cheaper products from other EU countries.
• The rate of interest might no longer suit UK firms.

Free trade unions
Eliminates all trade barriers. Businesses within the free trade union are affected in the following ways:

• More competition from foreign firms.
  • Consumers have more choice and prices are lower.
• No 'protection' by governments.
• More opportunities for exporting. 
  • Efficient firms will be more successful.

The long-term aim of the free trade union is to encourage
trade between the member countries, ultimately improving living conditions for the people.

Globalisation
Globalisation is the word used to describe the increased worldwide competitionand business
activity. Goods and services that once can only be found in one country has spread all around the world. There are several reasons for this:

• Free trade agreements encourage international trade.
• Improved travel links and communication.
• Countries that have been undeveloped before start to develop andexport their own goods, leading to more international competition.

Globalisation results in:

• More choices and lower prices for the consumer.
• Businesses look into more ways to become more efficient.
  • Why many businesses merge to become multinationals.
• Inefficient businesses go out of business.
• Free trade results in:
  • More workers losing jobs, since governments can no longerprotect them from foreign competition.

Multinational businesses
Multinationals are businesses that have factories, services, or operations inmore than one country. It is important to note that, for a business to become multinationals, they must produce goods in more than one country.
Why do firms become multinationals

• To cut costs:
  • Labour costs.
    
  • Raw material costs.
    
• To extract raw materials not found elsewhere.
• To produce goods nearer to the market.
• To bypass trade barriers.
• To expand and spread risks.

Advantages of multinationals operating in a country

• Jobs are created.
  
• New investment increases national output.
  
• Imports are reduced since there are more goods in the country. Moreexports.
  
• More taxes are paid to the government.
  

Disadvantages of multinationals operating in a country

• Jobs created are usually unskilled jobs.
• Local firms are forced out of business since they can't compete with multinationals.
• Profits flow out of the country.
• Multinationals use up scarce resources.
• May influence the government.

O LEVEL BUSINESS STUDY CHAPTER 23

Chapter 23: Factors affecting production

What is meant by production?
Production is the provision of a product to satisfy wants and needs. The process involves businesses adding value to their products. E.g. The production process of matches involve cutting wood into matchsticks, putting phosphorus ends on them and packaging them to sell.



Productivity
Productivity is the outputs measured against the inputs used to create it. This is measured by:

Output (over a given period of time)/Number of employees

If a worker makes more products in the same amount of time, his productivity increases. Firms aim to be productively efficient to be able to make more profits and compete against their competitors.

Methods of production
Job production

• Goods are made individually, by one person.
  
• Goods are usually specialized, no two goods are the same.
  
• Usually made to order.
  

Pros

• The product meets exact requirements of the customer.
• The workers have more varied jobs.
• More job satisfaction for workers.

Cons

• Skilled labour is needed.
  
• Slower and more expensive than other methods of production.
  
• Usually labour intensive.
  

Batch production

• Products are made in batches according to order.
  

Pros

• It is flexible. You can easily change from making one product to another.
• Still gives some variety to workers jobs.
• Production is not too affected by machinery breakdown.

Cons

• Expensive to move products around the workplace.
• Storage space will be needed to store raw materials. Expensive.

Flow production

• Large quantities of a product are produced in a continuous process.
  
• Uses specialization.
  
• Benefits from economies of scale.
  
• Is capital intensive.
  

Pros

• Low costs. Low prices. High sales.
• Increased efficiency.
• Little training is needed.
• Goods are produced quickly and cheaply.
• Goods do not need to be moved around like batch production. Saves time.
• Quality is high and standardized (courtesy to Muhammad Hassaan Ayyub)

Cons

• Boring for the workers. Little job satisfaction.
• Needs a lot of capital to set up.
• If one machine breaks down then the whole production process stops.

Which type of production should be used?
The type of production that should be used varies with how the product is demanded:

• Job production: Unique and individual service is required.
• Batch production: Demand is higher but products will not be sold in large quantities. Batches are made to orders.
• Flow production: Demand for the product is high and steady.

Stock control
Stock control is important so that a business will not
run
out of stock and be unable to satisfy demands. When stock levels get to a certain point, more goods need to be reordered for the stock level to reach its maximumagain. If more goods are not reordered, stocks could run out because of anunexpected
surge in demand. However, keeping a lot of stock costs money, so the level of stock in a company should always be balanced. The following graph demonstrates how stock can be controlled:

 
Lead production

• Focuses on cutting down waste, increasing efficiency.
• It tries to reduce the time taken to produce a product and transport it the selling point.
• Includes the following methods:
  • Kaizen.
  • JIT production.
  • Cell production.
  • Kanban.

Kaizen

• Continuous improvement through the elimination of waste.
  
  • Ideas of workers.
    
  • Regular meetings of workers to discuss how to increase efficiency.
    
• The advantages of Kaizen:
  
  • Increased productivity.
    
  • Reduced amount of space needed for the production process.
    
  • Work-in-progress is reduced.
    
  • Improved layout of the factory floor may combine jobs of some employees, freeing others to do other things.
    

Just in time production

• Eliminating the need to hold stocks.
• Goods are delivered to the selling point just when they are needed.
• JIT production needs:
  • Reliable suppliers.
  • Efficient system of ordering raw materials.

Cell production

• Production line is divided into cells.
• Each cell makes an identifiable part of the finished product.
• Boosts morale.

Kanban

• A system of ordering used with JIT production.
  
• Operates with two component bins.
  
• When one is emptied, production begins to fill it.
  
• The other one is then left to be emptied.
  
• The first one is filled up when the second one is emptied.

Improvements in technology
Here are some things that technology does in the production process:

• Automation: Equipment in the production process is controlled by a computer. 
• Mechanisation: Tasks are done by machines operated by people.
• CAD (computer aided design): Used for designing 3-D objects.
• CAM (computer aided manufacture): Computers control machines in the production process.
• CIM (computer integrated manufacture): CAD and CAM are used together. The computer that uses CAD is directly linked with the one that controls the production process.

Here are some things that technology does in shops:

• EPOS (electronic point of sale): When products' bar codes are scanned and the information is printed out on a receipt. Data is also sent to a computer to keep track of stocks.
• EFTPOS (electronic fund transfer at point of sale): When the cash register is connected to the retailer's main computer and banks. The customer's credit/debit card is swiped and the money is debited from the customer's bank account. A receipt is printed out to confirm the transaction.

The advantages of new technology 

• Increased productivity.
• Boring jobs done by machines. Boosts motivation.
• Training is needed to operate new machines. Workers become moreskilled.
• Better quality.
• Better stock control.
• Quicker communication and reduced paperwork.
• Info is available faster, resulting in faster decision making (for managers).

The disadvantages of new technology

• Unemployment
• Expensive
  • To invest in new technology.
    
  • To replace outdated technology.
    
• Employees are unhappy with changes in the workplace.
  

Quality control 
There are three ways to control quality:
Quality control

• Involves checking and removing faulty products at the end of the production process.
  
• Wastes a lot of money.
  

Quality assurance

• Involves inspecting during and at the end of production.
  
• Aim to
  
  • Stop faults from happening.
    
  • Set a quality standard that all products have to achieve.
    
• Need teamworking and responsibility.
  

Total quality management

• Encourages everyone to concentrate on quality.
  
• Quality is the main aim for all staff.
  
• Products need to satisfy all customer needs.

o level business study chapter 22

Chapter 22: The marketing mix: place

The role of place in the marketing mix

After the product, price, and promotion has been decided, the product/service has to be available to the consumer where and when they want to buy. Consumers should be able to get to the product easily, and the product has to be in the right place (e.g. expensive chocolate shouldn't be in a small grocery store) to sell well.



Channels of distribution
Businesses need to know how to get the product to the consumer. They may use a variety of channels of distribution:

• Channel 1: The manufacturer sells directly to the customer. e.g. agricultural goods are sold straight from the farm, businesses buy raw materials from another…
• Channel 2: Involves selling to retailers. Common when the retailer is large or the product is expensive.
• Channel 3: Involves the product going through wholesalers as well. Wholesalers break bulk so that retailers can buy them in smaller quantities. This is common for perishable items such as foods.
• Channel 4: Involve selling the product overseas through an agent, who sells them to wholesalers on behalf of the company. This may be because he/she has better knowledge of the local conditions.

Methods of distribution
Methods of distribution for different channels of distribution can include:

• Department stores: Usually in the centre of town that sells a wide range of goods from many producers.
• Chain stores: Two or more which has the same name/characteristics.
• Discount stores: Offers a wide range of products, including branded products, at discount prices. Often all the products are similar. 
• Superstores: Very large out-of-town stores.
• Supermarkets: Very large retail stores with all kinds of goods. (usually daily needs, foods)
• Direct sales: Goods are sold directly to the consumer.
• Mail order: Customers order via the post by looking at the catalogue
• Internet/e-commerce: Customers order via the internet by looking at the website.

E-commerce
The use of the internet to carry out business transactions. Businesses could communicate via email as well. Producers as well as retailers can use the internet to sell to customers.
Advantages and disadvantages of a wholesaler
Pros

• Breaks bulk.
• Reduces storage costs for retailers and producers.
• Fewer transactions are needed for the producers. (only a few wholesalers) they no longer need to do as many deliveries.
• Gives credit to small retailers.
• May deliver to small retailers reducing their transport costs.
• Promotion carried out by wholesaler instead of producer.
• They give advice to retailers/producers on what is selling well.

Cons

• More expensive for small retailers.
• May not have the full range of products to sell.
• Takes longer for perishable products to reach the retailer.
• Wholesaler may be far from small shops.

Selecting the channel of distribution to use
When selecting the channel of distribution to use producers need to consider a few things:

• Type of product?: Is it sold to other producers or customers?
• Is the product very technical?: Will you need to explain how to use the product? If yes, Channel 1 should be selected (e.g. airplanes) 
• How often is the product purchased?: If it is bought every day, it should be available in many retail outlets, otherwise people might not bother to buy it at all.
• How expensive is the product?: If it is expensive and has an image of being expensive, then it will be sold in a limited number of retail outlets.
• How perishable is it?: If it is very perishable, it should reach the customers quickly or be available in many outlets so it can be sold quickly.
• Location of customers?: Channel 4 might be used for customers overseas. E-commerce would be viable anywhere apart from the countryside.
• Where do competitors sell their products?:
  Usually producers will sell their product in retail stores where their competitors sell too so that they can compete directly for consumers.

Methods for transporting goods
This is what kind of vehicles are used to transport the products. They should befast enough for the product to reach its destination in time. However, they must also be cost efficient and safe. These factors a taken into account when deciding which method of transportation is used.

• Road haulage: 
  • Cheap and fast.
  • Require no rail links.
  • Can advertise on side of lorries.
  • Not cost effective if lorries are not used often, may need to hire a specialist transport business instead.
• Railways:
  • Even cheaper and faster than road haulage.
  • Useful for long distances.
  • Goods need to be transported to retail stores by road haulage at the end of the destination.
• Canal and river:
  • Slow but cheap.
  • Good for products far too big/heavy to be transported by road/train.
  • Need canals and rivers.
• Sea freight:
  • Used mainly for international trade.
  • Can carry a lot of products.
  • Products are stored in containers, which can be easily loaded onto lorries. Makes it cheap to load and unload the ships.
• Air freight:
  • Extremely fast but expensive.
  • Used for small, expensive, or perishable products.
• Pipelines:
  • Used to transport liquids or gases over long distances.
  • Cheaper than using road haulage for liquids. Roads are not always available.

Drawing up a marketing plan
Finally, after all the four P's of the marketing mix have been decided, the Marketing department will put them together into one marketing plan. It will also consider how the 4 P's will be modified or adapted to fit the overall image of the product. If this is successful, sales and profits will be likely to increase. 

o level Business Study chapter 21

Chapter 21: The marketing mix: promotion

The role of promotion in the marketing mix
Promotion informs consumers about the rest of the marketing mix. Without it, consumers do not know about the product, the price, or the place. Promotion is more than just advertising, and it includes several activities. It is crucial when you are selling in a mass market or you have a brand name. Promotion includes:

• Advertisements: They can take different forms, e.g. on TV, in newspapers.
• Promotion: e.g. Money off coupons.
• Personal selling: Sending out sales representatives to talk directly to the consumers.
• Public relations: Involves making the public aware of the company, e.g. creating publicity in the media.

The aims of promotion

• To inform people about particular issues.
• To introduce new products to the market.
• To compete with competitors products.
• To improve the company/brand image.
• To increase sales.

Advertising
The advertising process

1. Set objectives: A business needs to determine the purpose of advertising.
2. Decide
   the
   advertising budget: Set a limit on how much the business can spend on advertising. It can be decided based on:
   1. A percentage of predicted sales revenue.
   2. How much competitors are spending.
   3. How much the business can afford.
3. Create an advertising campaign: Decide on what advertising campaign to run. Can be determined based on:
   1. Target audience.
   2. Objectives.
4. Select the media: Using the suitable media for advertising that is the mostcost effective. E.g. TV, newspaper.
5. Evaluate the effectiveness of the campaign: Has the advertising met objectives?

Different types of advertising

• Informative advertising: Involves giving as much information about the product as possible. (e.g. computer)
• Persuasive advertising: Involves persuading consumers that theyneed the product and should buy it. (e.g. perfume)

Different media of advertising

Media	Advantages	Disadvantages	Examples
Television	·         Millions of people will see it. ·         The product can be presented in a very attractive way. ·         Easy to reach target audiences.	·         Expensive	·         Food ·         Cars ·         Household tools
Radio	·         Cheaper than TV. ·         Uses song or tune which makes ads memorable.	·         Cannot use visual message. ·         Expensive compared to others. ·         The advert has to be remembered. ·         Not as wide audience as TV	·         Local services ·         Shops
Newspaper	·         Can reach many people. ·         Cheap for local newspapers. ·         A lot of info can be put into the ad. ·         Adverts are permanent*.	·         Not eye-catching if they are in black and white. ·         Does not grab reader’s attention.	·         Local products ·         Cars ·         Banks
Magazines	·         Can use specialist magazines to reach onlytarget audience. ·         Magazine ads are in colour and are more attractive.	·         They are only published once per month/week. ·         More expensive then newspapers.	·         Perfume ·         Golf equipment ·         Fashion clothes
Posters/billboards	·         Permanent* ·         Cheap ·         Potentially seen by anyone who passes by them.	·         Can easily be missed. ·         No detailed info can be included.	·         Events ·         Products bought by a large section of the population
Cinemas	·         Visual image shows product in a positive way. ·         Fairly cheap. ·         Effective if target audience goes to see particular films.	·         Only seen by people who go to watch films.	·         Toys for a children’s film.
Leaflets	·         Cheap ·         Given to a wide range of people. ·         Delivered to people’s houses. ·         May contain vouchers to encourage readers to keep the advert. ·         Permanent*	·         May not be read.	·         Local events. ·         Retail stores like Seven-Eleven
Internet	·         Can be seen by anybody around the world. ·         Can store lots of info. ·         Orders can instantly be made.	·         Internet searches may not highlight the website and it could be missed. ·         Internet access is limited in some countries. ·         Competition from other websites. ·         Security issues may discourage people from buying online.	·         Virtual goods. ·         Services such as banking or insurance. ·         Virtually anything that is not too small.
Others (delivery vehicles or sides of bags)	·         Cheap	·         May not be seen by everyone.	·         Shops put their names on plastic bags. ·         Coca cola use neon signs.

*Permanent: adverts can be kept for future references.
Design of adverts
Businesses usually use the AIDA model:

• Attention: Informs consumers that the product exists.
• Interest: Consumers need to become interested in the product.
• Desire: Makes consumers want the product.
• Action: Prompts consumers into buying the product.

The AIDA model is most effective on products that are not used regularly. It is less effective on products that are bought on a daily basis because people will know how good the quality really is.


Promotion
Different types of promotion
Promotion is usually used to support advertising and to encourage new or existing customers to buy the product. Its main function is to boost sales in theshort-term, but not in the long term. It is used to attract new customers so that they can try out items with the hope that they will like it and continue to buy it after the promotion has ended. Here are some ways in which promotion is used:

• Price reductions: Involves sales or price reduction coupons. 
• Gifts: Gifts are placed in the packaging of the product to encourage consumers to buy it. (e.g. toys in McDonald's happy meal). 
• Competitions: A card may be put in the packaging allowing the consumer to enter contests such as the lottery. 
• Point-of sale displays and demonstrations: Can be put near the window and displayed attractively. It could also encourage people to buy it if they can see how it works (demonstrated by sales staff)
• After sales service: e.g. warranty services. It reassures the customers that if the product has a problem then they can go and fix it for free. This make the product more attractive than others without warranty.
• Free samples: Encourages people to try the product. It can be included in other products as well. E.g. washing machine comes with free washing powder.

The advantages of promotion

• Can boost sales during the year when sales are traditionally low (encourage off-season purchases)
• Encourages people to try a product.
• Encourages people to buy a product or the product in greater quantities.
• Encourages people to buy a product instead of competitors' products.

Which type of promotion should be used?
When deciding on what type of promotion should be used, these points should be considered:

• The stage of the product life cycle: e.g. use informative advertisement in the introduction stage of the life cycle.
• The nature of the product itself: e.g. consumer goods use coupons but producer goods use discounts on bulk buying.
• The advertising budget: obviously the type of promotion depends on how much you can spend.
• The cultural issues involved in international marketing: businesses need to consider whether their type of advertising might offend the local people. They should also take into account things such as how many people own TV, literacy level, etc…
• The nature of the target market: Different markets require different media for advertising.

Personal selling

• Used when the nature of the product varies. e.g. housing
  • Price varies.
  • Quality varies.
  • Customer requirements vary.
• When customers need advice on what type of product is the most appropriate for their situation.
• When selling expensive products such as cars.
• When negotiation about price or products is needed. This is common for businesses that sell to other businesses. (e.g. discounts on bulk buying)
• When a business has a stand at a trade fair.
  
  

Public relations

• Good for improving the brand/company's image.
• These activities raise public awareness of the company.
• Includes:
  • Sponsoring events such as football matches.
  • Giving products to charity.
  • Employees take part in an activity for a good cause.

Customer service
It is far more expensive to attract customers than to keep old customers, so one key objective for any business is to retain their old ones. In the international business environment, there are many competitors, so businesses need to raise thevalue of their products with customer service.
Good customer service is not only producing a good product but also means:

• Giving advice about the product: It is always good to give as much information about a product as possible so that the customers can be sure that they have purchased the product that meets their requirements. 
• Delivering goods for customers: It becomes convenient for the customer which encourages the customer to buy products from the business since they do not have to go anywhere. 
• Providing credit facilities: This means letting customers pay later or in monthly installments. This make products look cheaper and more affordable encouraging customers to buy them. Credit facilities are usually offered when people buy expensive products. You usually get interest as a result, but you could charge no interest for promotional purposes. 
• Providing product information: This means giving information on how to use the product and offering help on customer service helplines.
• After-sales service: The aim is to show that you care about customers'satisfaction. Examples of after-sales service include:
  • Warranties.
  • Regular product checks.
  • Giving refunds for faulty products.
  • Exchanging unsatisfactory goods.