What do you understand by the own-price elasticity of demand for a good

What do you understand by the own-price elasticity of demand for a good? 1. (a) What do you understand by the own-price elasticity of demand for a good? (b) Will a linear (straight line) demand curve have a constant own-price elasticity of demand? Explain your answer. (c) Following the terrorists attacks in the USA on 11 September, there was a marked fall in business travel. In respomse, many hotels cut their prices to business travellers; for example the Hyatt Hotel group offered discounts of up to 50 per cent off regular room rates. Under what circumstances would this lead to increased revenue for these hotels? Before we define the meaning of the own-price elasticity for a good we must understand elasticity and its concept in general. Elasticity is basically a comparison between the sizes of change in the quantity demanded, in the case of the own-price elasticity, of a certain good and in the variable that caused this change. According to Mankiwelasticity is a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. The law of demand implies that an increase in a price of a good will subsequently lead to a fall in the quantity demanded for that good. The formulae which calculates this amount is the division of the percentage of change in quantity demanded by the percentage of change in price. The sign of price elasticity of demand, and elasticity as well, is always going to be negative due to the fact that quantity and price demanded are usually in opposite directions. Elasticity is going to be negative as well since neither the percentage change in price nor the the percentage change in quantity ar... ...sequent repurcusion this had in economy as a whole brought a downfall in business travelling. The hotels in order to manage this crisis effectively reduced their prices and offered discounts in order to increase the quantity of customers visiting them. If we consider the law of demand in this case, hotel reservations should increase in this period as well as the total revenue of the business but this would happen when the price elasticity of demand is elastic. This happens when the percentage change in quantity is larger than the percentage change in price. Concluding, we would easily say that it is assume that the hotels would increase their total revenue with discounts and better prices but this is not always the case. There are other factors influencing customer behaviour after these terrorist attacks that would not be easily predicted or affluenced.

The Evolution and Potential Eradication of Cyber-crime in the Nigerian Banking Industry, using GTB as a case study.

Background to Project Over the years, the use of information communication technology has had a dramatic impact on almost all areas of human operation including, in particular, the banking and finance sector. To a certain extent, ICT can be seen to have simplified many of the business processes; however, it has also created a new breed of criminal activity, many aspects of which are aimed at the banking sector, for example, credit card fraud, identity theft and ATM fraud, as well as other related information technology issues (Singhal & Padhmanabhan, (2008). The proliferation of e-banking has offered opportunities in countries such as Nigeria to become much more global in its operation and yet it has also opened up the jurisdiction to a broad range of cyber-crimes, which will be the focus of the analysis in this research. E-banking is not limited to the more developed countries and, arguably, can be seen to transcend many of the jurisdictional borders, with countries which are developing, such as Nigeria, being able to trade internationally in a way that was not possible, previously. However, this opportunity also presents challenges, particularly when it comes to establishing systems that will prevent or limit cyber-crime. Problem Specification E-banking in Nigeria is still largely seen to be in its infancy, with the majority of banks using information technology as a means of providing information, rather than creating an interactive banking arrangement (Howard et al 2008). To a certain extent, it could be argued that this relatively low level of take-up for e-banking in Nigeria may be attributed to the insecurity and the failure of the technology to keep pace with the needs of the public, if they are to fully engage with internet banking and all its ramifications (Chiemeke, Evwiekpaefe, & Chete, 2006). Crime and corruption within the banking sectors have created a particular concern for businesses across Nigeria, which indicates that dealing with the area of cyber-crime is critically important and needs to be tackled, if Nigeria is to be able to develop as a strong international economic jurisdiction capable of attracting investment and stability. Research Aims and Objectives The overall aim of this research is to look at the evolution of cyber-crime in Nigeria and to explore ways in which it can potentially be managed, or even eradicated. In order to achieve this over-riding aim, several smaller research objectives have been identified. Firstly, it is necessary to gain an historical understanding of the Nigerian banking industry and to ascertain the ways in which the industry has operated, prior to the use of information technology, and how information technology has impacted upon the banking sector, to date. Secondly, an analysis of the current cyber-crime control processes will be undertaken, looking at a range of different banks and how they look towards managing and controlling cyber-crime (Computer Crime Research Center 2009). The research will then move on to compare banks in other regions, such as the United Kingdom and the United States, with a view to establishing whether there are additional ways in which cyber-crime could be managed more efficiently, by looking at the various different means whereby cyber-crime is managed in these other jurisdictions. The findings can then be looked at in the context of the problems being faced in Nigeria, and potential options explored. A specific case study of GTB will be used, in order to explore the issues raised above, before ultimately suggesting how the Nigerian banking sector can improve its position and reduce the level of cyber-crime, to such an extent that it is likely to improve the stability and trust within the banking sector. GTB in particular has been the subject of much discussion due to several high profile fraudulent activities that have raised the issue of managing cybercrime in Nigeria (Shittu, 2010). Offering this guidance is a critical element of the research as it will offer guidance on how to manage the difficulties being raised by the Nigerian banking industry. Research Methodology The research approach will be inductive in nature in that it will look at a wide variety of ideas and observations with the view to ultimately establishing a theory and a framework that can be relied upon to develop the future of the Nigerian banking industry. In order to achieve this, both quantitative and qualitative analysis will be undertaken. However, this will primarily involve looking at the data associated with cyber-crime, in the region, as part of the secondary research and then going on to undertake a case study, to improve the understanding of where the data has originated from, and in order to bridge between the theory and practical reality of cyber-crime, in the region. Resources Resources will primarily be derived from journals and reports dealing with the area of cyber-crime, in Nigeria, although it will also be necessary to undertake primary research with the employees of the case study bank, i.e. GTB. Suggested references to be used as a starting point are listed at the end of the proposal. Constraints Potential issues may emerge when it comes to collecting accurate data, as issues related to cyber-crime rates can be commercially sensitive, thus making it harder to ensure that the data and the subsequent analysis are accurate. It is also necessary to recognise that issues relating to cyber-crime are likely to change, very rapidly, making the research quite time-specific, in terms of its value. Gaining detailed primary research by interviewing employees may also present a problem, as employees are unlikely to be prepared to speak openly, for fear of any comeback from their employer. Projected Schedule The research will take place over one academic year, which actually spans a total of nine months. It is anticipated that monitoring the case study bank will take the longest period of time and therefore this is central to the timing and is recognised as such in the chart below. M1M2M3M4M5M6M7M8M9 Background Research Literature Review Case Study Analysis and Write-up Proofread and Presentation References Adeloye LA (2008). E-banking as new frontiers for banks. Sunday Punch, September 14, P. 25. Chiemeke, S. C., Evwiekpaefe, A. and Chete, F.(2006) The Adoption of Internet Banking in Nigeria: An Empirical Investigation, Journal of Internet Banking and Commerce, Vol. 11, No.3, Computer Crime Research Center 2009. Preventive Measures for ATM frauds. http://www.crimeresearch.org/articles/preventive measures-ATMFraud, Howard, R., Thomas, R., Burstein, J., & Bradescu, R. (2008). Cyber Fraud Trends and Mitigation, 9–24. Litan, A. (2004). Phising attack victims likely targets for identity theft. Available: http://www.gartner.com/DisplayDocument?doc_cd=120804 Longe, O.B.& Chiemeke, S.C. (2008): Cybercrime and Criminality in Nigeria- What roles are internet Access Points in Playing. European Journal of Social Sciences, Volume 6 No 4 Ogunsemor AO (1992.) Banking services: The emergence and impact of electronic banking. The Nigerian Banker, January – March, 1992. Omankhanlen O. (2009). ATM fraud rises: Nigerians groan in Nigeria. Daily News, Sunday, June 21, pp.8-10. Shittu, O., Submitted, P., The, T. O., Of, F., Akintola, L., State, O. Y. O., Fulfilment, I. N. P., et al. (2010). The Impact of Electronic Banking in Nigeria Banking System (Critical Appraisal Of Unity Bank Plc ), 1–62. Singhal, D., & Padhmanabhan, V. (2008). A Study on Customer Perception Towards Internet Banking : Identifying Major Contributing Factors, 5(1), pp. 101–111.

Effects of Prostitution - 3140 Words

Book Review: Teen Prostitution Johnson, Joan J. Teen Prostitution. New York: F. Watts, 1992. Print. Ones adolescent stage is viewed as innocent and pure. However, a multi-million dollar industry within our world strips teens from their youth and leaves them fighting for their lives. Children as young as 10 are working the streets as their life style revolves around prostitution. United States of America implies an image that any individual can live a life filled with money. However, not everyone reaches this â€Å"American Dream†. Those who were not born into money know the hardships of the streets and the feeling of desperation and loneliness. Societies youth fall victim to prostitution as an†¦show more content†¦Johnson stresses how abused children would rather sell their bodies than stay within a home where they feel abandoned and where they are surrounded by violence. Therefore, teens take drastic measures and find themselves on the streets, barely clothed, and turning tricks for a few dollars. In Elaine Landau s, On the Streets, Landau reveals that around 85 percent of those who run away from there abused parents are most likely to become involved in prostitution. In a global scale approximately 2 million teens run away each year and 20 percent of these teens become full-time prostitutes. It is clear that with Johnson s collected data she declares that abused teens not only face psychological hardships, but they are most likely to take part in hard-core prostitution. These teens have now formed dependency among there pimps and â€Å"sugar daddies†. Johnson goes into depth when discussing the forms of abuse that can ultimately destroy a child and force them to grow up into the world of prostitution. Johnson demonstrates four forms of abuse that can take place within one s childhood and adolescent stage. One of Johnson s evidence for why teens result to prostituting is because most of these teenagers have originated from abusive homes. An abusive home can include parents that show little to no interest to their offspring or can be considered as irresponsibleShow MoreRelatedProstitution And Its Effect On Society1552 Words   |  7 Pagesthe â€Å"victimless crime† of prostitution between consenting adults be free from governmental interference? To discover the answer to this question, I will be doing some research on this topic to further explicate on the situation at hand. The featured topics that will be discussed in this paper is the history of prostitution, a recognition of contrary positions, the passing of legislation in three U.S. jurisdictions pertaining to prostitution, three examples of prostitution enforcement, my opinion onRead MoreCauses And Effects Of Prostitution956 Words   |  4 Pages Prostitution is taking part in sexual acts in return for cash. In reality, prostitution is a type of viciousness against older ladies and young ladies. While there are little quantities of undermined men and younger men, they are limitlessly dwarfed by undermined ladies and young ladies. The individuals who buy sex are quite often men. Prostitution is physical, sexual and psychological mistreatment incurred on ladies by men. Three causes of prostitution which include: individuals who are drivenRead MoreProstitution And Its Effects On Society2159 Words   |  9 PagesIn the United States of America, prostitution is illegal in forty-nine of the fifty states. In most countries worldwide, prostitution is illegal. Despite this, prostitution is still active in every single state, and every single part of the world. Sex work plays a key role of the sexism in American, and worldwide cultures. The criminalization of prostitution has created an underworld of illegal activity, that has traumat ic consequences on an estimated one million prostitutes. This criminalizing alsoRead MoreCauses and Effects of Prostitution757 Words   |  4 PagesA. Prostitution in the Philippines 1. Propagation of prostitution during the time of the Spanish Colonization in the Philippines ïÆ'Ëœ The rape of native women by the Spaniards created a reserve of â€Å"fallen† women who became available to service not only the homesick Spanish troops and dignities, but also the friars. ïÆ'Ëœ By the 19th century, prostitution was an occupation for women in Manila. 2. Prostitution during the time of the American Occupation in the Philippines ïÆ'Ëœ The outbreak of the Philippine-AmericanRead MoreThe Effect of Legalizing Prostitution on the Economy1359 Words   |  6 PagesThe Effect of Legalizing Prostitution on the Economy Our Nation has been under immense fire lately. This is mainly because Americas Government is over a trillion dollars in debt. We are in one of the worst recessions that America has ever been and in danger of creating a double dip recession. Jobs are nowhere in sight. People continue to get laid off and even worse people who have been laid off are losing their unemployment benefit. The unemployment rate is through the roof and nobody can findRead MoreThe Negative Effects Of The Legalization Of Prostitution993 Words   |  4 PagesShea Pedro May 9, 2016 ENG2D1-06 Mrs. Galati The Negative Effects of the Legalization of Prostitution in Canada Prostitution is an excuse for someone to degrade someone else s body and exploit them. In the alleged business of prostitution, a man usually pays a women in exchange for sex. By legalizing prostitution and taking away the legal barriers, the morals and principles of people are challenged. Therefore many people may believe it is acceptable to take advantage of vulnerable women in exchangeRead MoreProstitution And Its Effect On Society Essay1630 Words   |  7 Pagesopportunity for the corrupt to create victims. Prostitution has been practiced in all ancient and modern cultures. In the United States, prostitution was originally widely legal. Prostitution was made illegal in almost all states between 1910 and 1915 due to the influence of the Woman s Christian Temperance Union which was influential in the banning of drug use and was a major force in the prohibition of alcohol. In 1917 the legally defined prostitution district Storyville in New Orleans was closedRead MoreProstitution An d Its Effect On Public Health Essay1495 Words   |  6 PagesProstitution is defined as â€Å"the practice or occupation of engaging in sexual activity with someone for payment.† It is commonly referred to in the media and among society as the â€Å"oldest profession in the book†. This is easily explained by the ancient references that are present in religious tales of the Old Testament in the bible to modern day â€Å"red light districts† across the United States. Prostitution and its legality have always stirred up a mixture of emotions across countries, cultures andRead MoreProstitution And Its Effect On Society886 Words   |  4 Pages$100 billion each year,† says the literary criminologist R. Barri Flowers. Prostitution is described as the act of having sexual intercourse in exchange of money or basically commerce of sex. People engaged in this type of activity are called prostitutes or simply sex workers. In today’s societies man and woman can both be sex workers although woman have been predominantly and pejoratively called prostitute. However, prostitution criminalization or decriminalization has been raising debates in many societiesRead MoreNegative Effects Of Prostitution1376 Words   |  6 Pagesthey chosen this life and how it affects them. I wanted to do a research to see what I can find on if prostitution was to be legal will it affect them socioeconomically, but in a positive way rather than negative. Even though prostitution seems to be a big deal in the 21st century, little do society knows prostitution has been here for many centuries. A little history about prostitution is that it’s been around so far as 2400 BC, it is known as the oldest profession. In ancient Greece