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Essay / Research Paper Abstract
This 4 page paper considers several ways in which economics are seen in the tourism industry. The paper answers four questions, looking at the supply and demand of labour, the importance of understanding elasticity when setting hotel room prices, the impact of doubling the size of a hotel and how this would be different in a demand economy, a supply economy and a mixed economy. The bibliography cites 2 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEectourq.rtf
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Unformatted sample text from the term paper:
a shortage of the supply of the resources. The law of supply and demand is quiet straight forwards. Were there is an excess of supply over demand the prices will
fall until there is a point of equilibrium reached, where either supply falls due to the falling prices gained until the supply matches demand and then equilibrium is found, alterative
where there arte low costs demand may increase and the point of equilibrium may be reached, Where there is an excess of demand over supply then the price of that
resources will increase until either there is the attraction of more suppliers to the market attracted by the high returned and leading to a point where supply and demand are
in equilibrium, otherwise buyers may drop out of the market decreasing the demand and also leading to a point of equilibrium. In this instance problem is the shortage of
labour, which will also indicate there are increasing wages in the area and that once an employee has found a job they may be attracted away by a better offer.
The equation here is not as simple as merely supply and demand as other factors, such as budgets will impact and constrain the rates at which wages can increase. But
this will make it hard for employees to keep staff, especially good staff who may be more in demand. Question 2 The concept of price and income elasticity may
be used to help determine how prices may be changed. Price elasticity of demand is based on the change that will be seen in the demand for a product when
the price changes. In most cases an increase in price will result in a decrease in demand. This calculation allows us to quantify the change. The calculation is relatively simple,
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