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Human Resource.docx

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Human Resource/Admin. Assistant Job Description  Maintaining employee files and the HR filing system (electronic and manual)  Submitting employee data reports by assembling, preparing and analyzing data.  Assisting with the day-to-day efficient operation of the HR office including leave management.  Maintaining employee confidence and protect operation by keeping employee information confidential.  Assisting in contract renewal for employees  Providing se
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  Human Resource/Admin. Assistant Job Description      Maintaining employee files and the HR filing system (electronic and manual)    Submitting employee data reports by assembling, preparing and analyzing data.    Assisting with the day-to-day efficient operation of the HR office including leave management.    Maintaining employee confidence and protect operation by keeping employee information confidential.    Assisting in contract renewal for employees    Providing secretarial support by entering, formatting and printing information; organizing work; answering the telephone; relaying messages; maintaining equipment and supplies.    Open, sort and distribute incoming correspondence.    General clerical duties including photocopying and scanning of documents.    Filing of all project related documents.    Any other duties as assigned by the Human Resource Manager.       . 3.3 ELASTICITY OF DEMAND AND SUPPLY Question 7 a) Distinguishing own-price elasticity of demand and cross elasticity of demand: Own-price elasticity of demand: Answers STRATHMORE UNIVERSITY ● REVISION KIT  32 Elasticity is the ratio of the relative change of a dependent variable to changes in other independent variables. Own price elasticity of demand is a measure of the extent to which quantity demanded of a commodity responds to changes in the commodity „s own price (ceteris paribus).  Price elasticity of demand (Ped) is calculated using the following general formula: Ped = Proportionate change in quantity demanded Proportionate change in price If a proportionate change in price causes a more than proportionate change in quantity demanded, demand is said to be price elastic. The value of elasticity in this case is greater than one, that is, E0 > 1 for example in the case of luxury goods. If a proportionate change in price causes a less than proportionate change in quantity demanded,  demand is said to be price inelastic. The absolute value of price elasticity of demand in this case is less than one, that is, E0 < 1 for example in the case of necessities. To demonstrate this consider the table below which shows the demand schedules for commodities X and Y. Commodity X Commodity Y Prices sh/unit Quantity demanded/week Prices sh/unit Quantity demanded/week 20 100 20 100 10 300 10 120 For commodity X, when the price falls from shs 20 to shs 10 per unit, quantity demanded will increase from 100 to 300 units Price elasticity of demand = Proportionate change in quantity demanded Proportionate change in price Proportionate change in quantity demanded = Δ in quantity de manded X 100 Initial quantity = 200 x 100 = 200% 100 Proportionate change in price = Δ in price x 100  Initial price = -10 x 100 = -50% 20 ∴  ED = 200% = -4 - 50% ED = 4, so demand is price elastic. For commodity Y, when price falls from shs 20 to sh. 10, quantity demanded will increase from 100 to 120 units. ∴  PED = 120  –   100/100 x 100 = 20%/-50% 10  –  20/20 x 100 = -0.4 Thus PED = 0.4; demand is price inelastic The value of price elasticity of demand is negative because of the inverse relationship  between price and quantity demanded, that is if price falls, quantity demanded increases and if price increases quantity demanded falls. However, in this case, the absolute value is considered since the interest is on the extent of change and not  direction of change. Revision Questions and Answers ECONOMICS 33 If a proportionate change in price causes a proportionate change in quantity demanded, demand is said to be unit price elastic and ED = 1, for example; Commodity Z Price (shs) Quantity (units) 20 100 10 150 ED = 150-100/100 10-20/20 x 100 = 50%/50% = -1 ∴  ED = 1 ⇒  Unit elastic demand The demand curve for commodity X is gently sloping and the demand curve for commodity Y is steeply sloped. These are illustrated below: Price demand curve of X: ED > 1 Price demand curve of Y: ED < 1 Price of X ED = 4 (elastic) Price of Y D1 ED = 0.4 (inelastic) D 20 20 10 10 D D1 0 100 300 Quantity 0 100 120 Quantity demanded demanded Demand curve DD is gently sloped while demand curve D1D1 is steeply sloped. The above show that elasticity of demand is inversely related to the slope of the demand curve. Along a demand curve, elasticity will vary at different points. This is illustrated below: Price (Sh) ED = ∞  50 ED > 1 40 30 ED = 1 20 ED <1  10 ED = 0 0 2 4 6 8 10 Quantity demanded Answers STRATHMORE UNIVERSITY ● REVISION KIT  34 When price falls from sh.50 to sh.40: ED = 4  –   2 x 100 2 100% 40  –   50 x 100 -20% 50 ∴  ED = 5; demand is price elastic When price falls from sh. 20 to sh. 10: ED = 10  –   8 x 100 8 = 25% 10  –   20 x 100 - 50% 20 = -0.5 ∴  ED = 0.5; therefore demand is price inelastic At higher prices, demand is more price elastic than at lower prices. Price elasticity of demand is not the same at all prices since it does not depend on the slope but upon proportionate changes in price and quantity. However, there are three cases where price elasticity of demand is the same at all prices. These are illustrated  below: (a) (b) (c) PX D PX PX D ED = 0 ED = ∞ ED = 1  D D (Rectangular hyperbola) D D 0 QX 0 QX 0 QX Perfectly price Perfectly price Unit price inelastic demand elastic demand elastic demand a) Represents perfectly price inelastic demand. Quantity demanded does not change as  price changes. This is the case of an absolute necessity that is consumed in fixed amounts for example, insulin for diabetes or number of exercise books used by a student.  b) Represents perfectly price elastic demand. Price is the same at all levels of demand for example a demand
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