Microeconomics Essay Example | Topics and Well Written Essays - 1750 words - 2

Microeconomics - Essay Example If a consumer does not have a utility for the good that he or she values at least the same as P1, then the consumer will choose not to purchase that good; i.e., that good is never rationed to that particular consumer or buyer. Rationing by price automatically guarantee that a good will only be purchased by a buyers who value it the most (Prusty, 72-74). If a good was to increase in its price, then buyers or consumers would re-evaluate their utility of the good and so abolish those uses with values which are not at least equivalent to the new, higher price of a good. The second role of price; allocating or sometimes known as signaling, relates to the producers and also resource owners. A higher price of say good X is, in most cases, a signal that the market needs extra output of X and so producers are offered an incentive so as to hire more resources to make X (Samuelson & William, 89-91). Similarly, a lower price for the good X will gesture them to dedicate fewer resources in the production of X. Consequently, in their search for earnings, producers will always respond to changing prices by either decreasing or increasing production as necessary. The demand for any product or service refers to the quantity that buyers or consumers will be willing and ready to buy at any given price. The supply of goods refers to the quantity which suppliers will be ready and willing to transport to the market at any given prices. An increase in demand for a particular service or product tends to exercise an upward pressure on price. That is, whenever the price of a good increases the corresponding quantity that consumer are willing to buy has also increased. Therefore, a decrease in demand means that the price of that good was lowered at some point in time. However, if producers act in response by supplying extra to the market this might then

Software Development Methodology Coursework Example | Topics and Well Written Essays - 1250 words

Software Development Methodology - Coursework Example These three approaches would be separately be implemented on the project in question and then a conclusion would be drawn from the comparison of all of these approaches which would lead to the methodology that is the most befitting to the project in question.The project is the development of an electronic library for a client by the company Top Quality Tech Solutions, which is modifiable. The library needs to have a database of electronic documents which the client can change, copy and return to the library. This is the model which is already in use by Top Quality Tech Solutions and has proved to be a successful model for the development of the two projects, thus it would be a natural progression if the model is again used for the current project. The model, if used in the development of the software library, would have positive results because this is the simplest kind of software development methodology out there; it runs on basic common sense and uses orthodox ways to develop the software which would be beneficial in developing the electronic library as it does not involve very complex programming or development. When this model is applied to the electronic library project, the requirements of the client would be seen, the design of the library and the additional options which the client wants in it are chalked out, a software for the library is developed and then verified and then periodic checks are done to see that the project is working as desired. This is the kind of development methodology which makes a prototype or an example project in the beginning so that an idea can be achieved as to how the model would look like when completed (Miles & Pilone, 2008). When applied to the electronic library project, this model could be beneficial because it would be able to show the customer what his project would look like in the long run. To start off, a prototype of the electronic library would be developed on which the rest of the project would be based. Since there are many small requirements of the clients like the viewing of the data from a central repository, consolidation of the data, the checking and checking out of the documents etc, all these requirements can be tested and the best solution out forward. Â