Assignment (Economics) Example | Topics and Well Written Essays - 500 words

(Economics) - Assignment Example The demand for eggs will be inelastic because it is a necessity (food item). For instance, it also takes a low portion of income. The demand for DVD rentals would be relatively inelastic for a consumer who has high inclination for movies, dramas, shows, music etc. Also, it takes very low portion of income as the rentals are lower than acquisition costs. The demand would be elastic for a customer with no interest in music or entertainment. Answer 3 If a firm seeks to raise total revenue, then it must consider the impact of three major factors such as price, substitutes and time on consumers. For instance, the necessities (food, clothing, shoes, automobiles, utilities, communication, transport, internet etc.) have inelastic demand; therefore, a price increase will lead to an increase in total revenue. However, the luxuries (air travel, perfumes, expensive brands etc.) have highly elastic demand; therefore, the price increase will lead more than proportional decrease in demand and reven ue decreases. Next, if a product has greater availability of substitutes in market then price increase of a product will lead to increase in demand of substitute.

'Is chocolate a food or a drug' Essay Example | Topics and Well Written Essays - 1000 words

'Is chocolate a food or a drug' - Essay Example Chocolate has been a popular and revered flavor for many past civilizations, chocolate residue have been found in pottery dating to 1100 BC from Honduras, and 600-400 BC from Belize. Till date chocolate is one of the most popular flavors in the world and chocolate lovers known as "chocoholics" are ready to swear by its pleasurable and medicinal effects. The Mayan civilization worshipped the Cacao Tree for they believed it was divine in origin. The Mayans called the fruit of the cacao tree "food of the gods† and also associated it with the god of fertility. The Aztecs also considered the cocoa tree a gift from the god of wisdom and knowledge. They considered chocolate to be an aphrodisiac as it invigorated men and made women less inhibited, the Aztec emperor Monteczuma is said to have drank fifty golden goblets of chocolate a day in order to enhance his sexual ability (Thames & Hudson, 2000) Chocolate was an important luxury good throughout pre-Columbian Mesoamerica, and cacao beans were often used as currency. Today chocolate takes the form of a substance of powder or a block composing of raw and processed food from roasted and crushed cacao seeds found from the tropical cacao tree. Chocolate has a unique appeal of sugar, texture, flavor, sweetness and aroma, making it the most common ingredient for confectionary sweet food as well as flavoring. There are three varieties of chocolate available, chocolate coated or made of dark chocolate, milk chocolate and white chocolate (Hornby 1989). Dark chocolate contains a mild content of cocoa butter and a fat that naturally occurs in cocoa beans. These beans are made up of 34% of stearic acid, 24% of oleic acid, 25% of palmitic acid and 7% of other fatty acids (Roth 2007). Milk chocolate contains two times the amount of antioxidants where as dark chocolate contains five times the amount of antioxidants (Moss 2002). While white chocolate only contain the texture and sweetness (Hemmelgarn 2006). Dark