Skip to main content

PROBLEM SOLVING AND PYTHON PROGRAMMING QUIZ

1) What is the first step in problem-solving? A) Writing code B) Debugging C) Understanding the problem D) Optimizing the solution Answer: C 2) Which of these is not a step in the problem-solving process? A) Algorithm development B) Problem analysis C) Random guessing D) Testing and debugging Answer: C 3) What is an algorithm? A) A high-level programming language B) A step-by-step procedure to solve a problem C) A flowchart D) A data structure Answer: B 4) Which of these is the simplest data structure for representing a sequence of elements? A) Dictionary B) List C) Set D) Tuple Answer: B 5) What does a flowchart represent? A) Errors in a program B) A graphical representation of an algorithm C) The final solution to a problem D) A set of Python modules Answer: B 6) What is pseudocode? A) Code written in Python B) Fake code written for fun C) An informal high-level description of an algorithm D) A tool for testing code Answer: C 7) Which of the following tools is NOT commonly used in pr...

DEMAND ELASTICITY

          To find out the magnitude of impact on the quantity of demand for economists use the tool of elasticity of demand.
Definition:
          Elasticity of demand is defined as     " the percentage of change in quantity demanded caused by one percent change in the demand determinant under consideration while other determinant are held constant. This can be replaced as 
e= percentage change in quantity of demanded of goods(q)/ percentage change in demand determinant (z).
          The above definition can be simplified into " the degree of responsiveness of quantity demanded to a change in the demand determinant".
The formula is 
e = proportionate change in the quantity demanded/ proportionate change in price.
          Elasticity of demand means " the rate at which demand may change when price changes is known as elasticity of demand".
Types of Elasticity of demand:
1. PRICE ELASTICITY OF DEMAND:
          Price elasticity of demand refers to elasticity of demand for a good with respect to it's own price. It can be defined as " the degree responsiveness of quantity demanded to a change in price".
Price elasticity of demand,
     ep= proportionate change in the quantity demanded/ proportionate change in price
    ep= ( (Q2-Q1)/Q1) / (( P2-P1)/P1)
Q1= Original quantity demanded before the price change
Q2= New quantity demanded after the price change
P1= Original price ( before change)
P2= New Price ( after change)
Types of price elasticity:
          Different products react differently to the price change. Price elasticities are classified into the following categories
1. Perfectly elastic demand
          There is no need for reduce in price to cause an increase in demand.
2. Absolutely or perfectly inelastic demand
          Absolutely inelastic demand is where a change in price cause no change in the quantity demanded for a product. Eg: rice, wheat
3. Unit elasticity of demand
          Unit elasticity is where a given proportionate change in price causes an equal proportionate change in the quantity demanded of the product.
4. Relatively elastic demand
           Reduction in price leads to more than proportionate change in demand.
5. Relatively inelastic demand
          Decline in price leads to less than proportionate increase in demand.
Factors determining price of elasticity of demand:
1. Nature of product: Demand for necessity goods ( rice, sugar) are inelastic. The demand for luxury goods are elastic.
2. Extend of usage: Product has varied usaged( steel, wood etc.) are elastic demand.
3. Availability of substitutes: If a product  many substitute then demand will be elastic. Product has no substitute has inelastic demand.
4. Income level of people: People with high income are less affected by price level changes people with low income will affected by price changes.
5. Proportion of income spent on the community: When a person spends only a very small part of his income then the demand is inelastic.
6. Urgency of commodity: If a person requires buying a product immediately no matter or no way to have substitute the demand for that product is inelastic.       Eg: building construction
7. Durability of a commodity: If a product have high life then the demand is elastic.
2. INCOME ELASTICITY OF DEMAND:
          Income elasticity of demand may be defined as the degree of responsiveness of quantities demanded to a change in income. It can be measured by the following.
ei = proportion change in quantities demanded / proportionate change in income.
ei =( (Q2-Q1)/(Q2+Q1)) /( (I2-I1)/(I2+I1)) 
Q1 = Q1 is the quantity demanded before the change in income.
Q2= Q2 is the quantity demanded after the change in income.
I1 = Income before the change 
I2 = Income after the change
Types of income elasticity:
          It includes
1. High income elasticity
2. Unitary income elasticity
3. Low income elasticity
4. Zero income elasticity
5. Negative income elasticity
6. Positive income elasticity
1. High income elasticity:
          The quantity demanded for a product increases by a larger percentage than the percentage increase in the customer or vice versa. The value of income elasticity is greater than one.
2. Unitary income elasticity:( ei=1)
          Percentage change in the quantity demanded by a customer in equal to the percentage change in income.
3. Low income elasticity ( ei<1)
          Income elasticity is low if the relative change in quantity demanded is less than the relative change in income.
4. Zero income elasticity(ei=0)
          The change in income will have no effect on the quantities demanded.
5. Negative income elasticity
          An increase income may lead to a reduction in the quantities demanded for certain Products.
6. Positive income elasticity
          An increase in income may lead to increase in the quantities demand for most goods the income elasticity of demand is positive.
3.CROSS ELASTICITY OF DEMAND:
          The effect of change in price of related Products depend upon the demand for a particular product may be determined by measuring the cross elasticity of demand. Cross elasticity of demand may be defined as the proportionate change in the quantity demanded of a particular product or commodity in response to a change in the price of another related product.
4. ADVERTISING ELASTICITY OF DEMAND OR PROMOTION ELASTICITY:
          The formula to measure this elasticity is 
ea= proportionate change in demand / proportionate change in advertising expenditure.
ea= ((Q2-Q1)/(Q2+Q1)) / ((A2-A1)/(A2+A1)).
Q1- demand before advertising
Q2- demand after advertising
A1- Original advertising activity
A2- New advertising activity
          Factor determing advertising elasticity of demand are the type of products. The market share of the firm competitors relation and the state of the economy.
5. EXPECTATION ELASTICITY OF DEMAND:
          As per this type of demand for a product is affected not only by the current price but also by the expected future price. If a consumer feels that the price of a product is going to rise in the future he will try to buy more of it's now. Thus the expectation of a price rise about the future increases the demand at present.
ee= relative change in expected future price/ relative change in current price
ee= ((pe2-pe1)/(pe2+pe1)) / ((pc2-pc1)/(pc2+pc1))
Where pe1&pe2 are expected price
pc1&pc2 are the current price.


       

Popular posts from this blog

Abbreviations

No :1 Q. ECOSOC (UN) Ans. Economic and Social Commission No: 2 Q. ECM Ans. European Comman Market No : 3 Q. ECLA (UN) Ans. Economic Commission for Latin America No: 4 Q. ECE (UN) Ans. Economic Commission of Europe No: 5 Q. ECAFE (UN)  Ans. Economic Commission for Asia and the Far East No: 6 Q. CITU Ans. Centre of Indian Trade Union No: 7 Q. CIA Ans. Central Intelligence Agency No: 8 Q. CENTO Ans. Central Treaty Organization No: 9 Q. CBI Ans. Central Bureau of Investigation No: 10 Q. ASEAN Ans. Association of South - East Asian Nations No: 11 Q. AITUC Ans. All India Trade Union Congress No: 12 Q. AICC Ans. All India Congress Committee No: 13 Q. ADB Ans. Asian Development Bank No: 14 Q. EDC Ans. European Defence Community No: 15 Q. EEC Ans. European Economic Community No: 16 Q. FAO Ans. Food and Agriculture Organization No: 17 Q. FBI Ans. Federal Bureau of Investigation No: 18 Q. GATT Ans. General Agreement on Tariff and Trade No: 19 Q. GNLF Ans. Gorkha National Liberation Front No: ...

Operations on data structures

OPERATIONS ON DATA STRUCTURES This section discusses the different operations that can be execute on the different data structures before mentioned. Traversing It means to process each data item exactly once so that it can be processed. For example, to print the names of all the employees in a office. Searching It is used to detect the location of one or more data items that satisfy the given constraint. Such a data item may or may not be present in the given group of data items. For example, to find the names of all the students who secured 100 marks in mathematics. Inserting It is used to add new data items to the given list of data items. For example, to add the details of a new student who has lately joined the course. Deleting It means to delete a particular data item from the given collection of data items. For example, to delete the name of a employee who has left the office. Sorting Data items can be ordered in some order like ascending order or descending order depending ...

The Rise of Green Buildings: A Sustainable Future

In an era where climate change and environmental sustainability dominate global conversations, the concept of green buildings has emerged as a pivotal solution. These structures, designed with both ecological and human health in mind, represent a shift towards more sustainable urban development. But what exactly are green buildings, and why are they so important? What Are Green Buildings? Green buildings, also known as sustainable buildings, are structures that are environmentally responsible and resource-efficient throughout their life cycle—from planning and design to construction, operation, maintenance, renovation, and demolition. This holistic approach seeks to minimize the negative impact of buildings on the environment and human health by efficiently using energy, water, and other resources. Key Features of Green Buildings Energy Efficiency: Green buildings often incorporate advanced systems and technologies to reduce energy consumption. This can include high-efficiency HVAC sys...