Calculate Point Price For Each Case

For Each Of The Following Cases Calculate The Point Price Elasticity

For each of the following cases, calculate the point price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic. The demand curve is given by QD = 5, P X.

a. The price of the product is $50.

b. The price of the product is $75.

c. The price of the product is $ Managing Change Paper Part III Use the organization selected for your Managing Change Paper Part I. Everest College Prepare a 2,100- to 2,800-word paper 1. Applying the John Kotter’s Change Model (8 steps) to your selected organization’s change situation. Change: Retention should not be part of instructor’s performance evaluation. 2. Develop a communication plan for that change. Consider the following: A. Why the need for change? Why this type of change? B. What will be affected? What will success look like? C. Who will be affected? Who will have input? D. How can the change be facilitated? E. When will the changes take place? In what time frame?

Paper For Above instruction

The initial cases involve calculating the point price elasticity of demand based on a given demand function, QD = 5, at different price points. The demand curve described by QD = 5 suggests that the quantity demanded is constant at 5 units regardless of price, which implies a perfectly inelastic demand. However, the problem initially states the demand curve as QD = 5, PX, which appears to be incomplete or possibly a typographical error. Assuming it to be a typical demand function of the form QD = a - bP, the calculation of elasticity involves the derivative of demand with respect to price.

To calculate the point price elasticity of demand, the formula is:

Elasticity (E) = (dQD/dP) * (P / QD)

where (dQD/dP) is the derivative of quantity demanded with respect to price, P is the current price, and QD is the quantity demanded at that price.

If we assume a demand function such as QD = a - bP, then:

  • dQD/dP = -b
  • At the given price P, QD can be calculated as QD = a - bP

From the specific data points provided, such as at $50 and $75, and assuming the demand function's parameters are known or can be inferred, we can compute the elasticity.

Moving to the second part of the prompt, which involves applying Kotter’s 8-step change model to an organization, Everest College, the focus is on managing change where retention is removed from instructor performance evaluation. A comprehensive 2,100 to 2,800-word paper should address how to implement the change effectively using Kotter’s model, which includes establishing a sense of urgency, forming a guiding coalition, creating a vision, communicating the vision, empowering others, generating short-term wins, consolidating gains, and anchoring new approaches in the culture.

In developing the communication plan, critical aspects include identifying the necessity of change, understanding what areas will be impacted, defining success, identifying stakeholders and their roles, outlining facilitation strategies, and establishing a timeline for implementation.

References

  • Kotter, J. P. (1996). Leading Change. Harvard Business Review Press.
  • Burnes, B. (2017). Managing Change. Pearson Education.
  • Hiatt, J. (2006). ADKAR: A Model for Change in Business, Government and our Community. Prosci.
  • Carnall, C. A. (2007). Managing Change in Organizations. Pearson Education.
  • Appelbaum, S. H., Habashy, S., Malo, J., & Shahrour, I. (2012). Back to the future: revisiting Kotter’s 8-step change model. Journal of Management Development, 31(8), 764-782.
  • Cameron, E., & Green, M. (2015). Making Sense of Change Management. Kogan Page Publishers.
  • Al-Haddad, S., & Kotnour, T. (2015). Integrated change management: A comprehensive review. Journal of Change Management, 15(1), 1-19.
  • Armenakis, A. A., & Harris, S. G. (2009). Reflections: Our Journey in Organizational Change Research and Practice. Journal of Change Management, 9(2), 127-142.
  • Johnson, G., Scholes, K., & Whittington, R. (2008). Exploring Corporate Strategy. Pearson Education.
  • Robbins, S. P., & Coulter, M. (2018). Management. Pearson.

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