Pair of Currency - The US Dollar and British Pound
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This paper discusses how, historically, economics plays a role in currency value, price setting and import and exportation of goods. The paper shows how within the United States and Great Britain, currency rates have adjusted to meet the needs of supply and demand seen within the population and how the supply and demand have a way of significantly affecting market prices, as well as altering the economy to establish a new equilibrium.
From the Paper:"The concept of price elasticity may be used, along with marketing research information, in order to help a company establish a price for their product. In this way, the company may develop a price that will both allow for the greatest levels of market penetration, and allow the company to best maximize their profits.
"Price elasticity refers to whether or not a given market has a demand that is changeable according to the supply of the market. The most elastic markets are those that see the largest increase in demand when a relatively small decrease in supply occurs. Threats that the product may not be available when a consumer wants it tempt the consumer into purchasing more than they normally would of the product."
Sample of Sources Used:
- Borenstein, S., Bushnell, J., & Knittel, C.R. (1998, July) Market Power in Electricity Markets. Berkely: University of California at Berkely.
- Wilson, R.J. (2006) Pricing as Part of Your Web Marketing Strategy. Web Marketing Today. Retrieved September 19, 2006 from: http://www.wilsonweb.com/wmt5/plan-pricing.htm.
- Sri Krishna Institute of Public Administration. (N.D.) Training Course in Economics Ranchi, India: SKIPA.
- Bris, A. & Brisley, N. (2005, December) A Theory of Optimal Expopriation.
- Imperfect Competition. Retrieved September 19, 2006 from: http://www.uri.edu/artsci/newecn/Classes/Art/INT1/Mic/Overview/Over.Imperfect.html.
Cite this Term Paper:
Pair of Currency - The US Dollar and British Pound (2010, May 10) Retrieved December 02, 2020, from https://www.academon.com/term-paper/pair-of-currency-the-us-dollar-and-british-pound-119584/
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