Supply and Demand and Its Impact Upon Pricing in the Funeral Industry
One might be tempted to assume that the certainty of death, given that it happens on a fairly regular basis every year, ensures that the funeral industry is a fairly stable industry, and its pricing structures are thus immune to consumer whims and shifts in supply and demand. However, because a luxurious funeral is not strictly a necessity, this means that the pricing structure of the industry is often impacted by outside forces, such as a decline in living consumer's family incomes as well as shifts in informational technology as well as overall economic growth. According to Richard Willing, in his article about how traditional "Funeral homes fight for life," prices in the industry are becoming increasingly elastic, or subject to competition and the living consumer's desires regarding elaborate or simple funerals, and thus demand can shift more wildly and widely than ever before, and is more subject to outside as well as inside industry forces.
One external factor of particular note for Richard Willing is that the traditional funeral industry is facing increased competition and new supplies from discount venues, and alternative venues. For example discount casket stores have increased the supplies of caskets overall, and of discount caskets in particular. Many of these casket stores are located on the Internet. This technological impact upon the ease of funeral consumer perusal allows for more responsive consumer demand to shifts in pricing, as consumers can...
Supply/Demand The product being studied is the Prius, the hybrid car from Toyota. The automobile industry is one the largest industries in the world. The major players are Ford, General Motors, Chrysler, Honda, Mitsubishi, Hyundai, several European companies and regional players as well (Investopedia, 2011). These firms all contribute to intense competition among rivals, especially given the size of the industry. The result is an industry characterized by competition both along
Supply Demand Simulation Macro and Microeconomic Principles From the simulation, the two major microeconomic principles are supply and demand. The simulation majorly focuses on the supply and demand of rental properties in Atlantis. In addition, the influences on supply and demand form the major topic discussed in the simulation. The macroeconomic factors clearly stated in the simulation are changes in the population trend, choosing to rent or buy apartments and factors that
Price elasticity for this product was likely quite great, before the item was subsidized, as few consumers perceived it as a necessity. Only the costs of production limited the price elasticity, as the tanks are presumably not cheap to build. Of course, the government might protest that the product is a necessity, given the dire need for conservation, if Australia is to continue to have a sustainable source of
This means that the demand increase will produce an increase in supply at a controlled rate. d. How can you apply what you learned about the concepts of supply and demand from the simulation to your workplace? The simulation sheds particular light on the idea of adjusting pricing structure according to apparent market demand. This is useful to any workplace. In my case, the notion that large-scale external changes in the
Furthermore, it appeared that the consumption of alcoholic beverages among the youth increased throughout the three-year duration of the survey. In terms of the young females (in high school), the drinking path has been described as "an absolute disaster" (Fyfe, 2010). The primary explanation as to why alcopops became even more popular among the youth is given by the inability of the tax to impact the parents -- who in
raising minimum wage relates supply demand analysis. • If raise minimum wage businesses compensate raise workers? • According United States Department Labor, Minnesota's current minimum wage large employer's small employer's hour? • How hard working people expect ahead minimum wage low? • Due cost living minimum wage increase? This a comprehensive paper a minimum library resources. Raising the minimum wage: Supply and demand analysis Although there is a great deal of
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