Benjamin Franklins Autobiography Virtues Essay Example

Benjamin Franklins Autobiography Virtues Essay In his late 20s, President Benjamin Franklin listed 13 virtues that he felt were an important guide for living. The following virtues can be divided in personal and social behavior: Temperance, Silence, Order, Resolution, Frugality, Industry, Sincerity, Justice, Moderation, Cleanliness, Tranquility, Chastity and Humility. Despite the fact that he tried to follow these guides in his life and went away, consider this being worthwhile in your own life. Temperance, eat not to dullness. Franklin states some associate temperance with eating and drinking, but wasnt his intentions. My reasoning for why I feel this is one of the most important virtues is because one should always keep cool no matter what situation. Conquering your primal urges for food and drink, you’ll have the confidence to start making improvements in other areas of your life. As being taught in different ways in todays time, order is another important virtue. Let all your things have their places. A man must fight against these natural laws if he wishes to do well in the world. I feel that its most important because being organized and properly creates a well rounded individual. Cleanliness, Sincerity, Fragility and Resolution is what influence the children’s childhood. Having the confidence to allow your actions speak for themselves, Franklin considered humility to be something worth acquiring and I agree with him. We will write a custom essay sample on Benjamin Franklins Autobiography Virtues specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Benjamin Franklins Autobiography Virtues specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Benjamin Franklins Autobiography Virtues specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Men have pride in themselves showing the sign of strength and courage to mark a true person. They think of their abilities than they really are and honesty. The majority of the list of virtues is also valuable. Benjamin Franklins issues werent important but society has changed and thats mainly are cause in the 20th century. Learning about Franklin’s experience, I find him as an intelligent man who has influenced the immature process of children before and today.

Income Elasticity of Demand

Income Elasticity of Demand A Beginners Guide to Elasticity: Price Elasticity of Demand  introduced the basic concept and illustrated it with a few examples of price elasticity of demand.   A Brief Review of Price Elasticity of Demand The formula for price elasticity of demand is:   Price Elasticity of Demand (PEoD) (% Change in Quantity Demanded) à ·Ã‚  (% Change in Price) The formula quantifies the demand for a given as the percentage change in the quantity of the good demanded divided by the percentage change in its price.   If the product, for example, is aspirin, which is widely available from many different manufacturers, a small change in one manufacturers price, lets say a 5 percent increase, might make a big difference in the demand for the product. Lets suppose that the decreased demand was a minus 20 percent, or -20%. Dividing the decreased demand (-20%) by the increased price (5 percent) gives a result of -4. The price elasticity of demand for aspirin is high a small difference in price produces a significant decrease in demand.   Generalizing the Formula You can generalize the formula by observing that it expresses the relationship between two variables, demand and price. A similar formula expresses another relationship, that between the demand for a given product  and consumer income Income Elasticity of Demand (% Change in Quantity Demanded)/(% Change in Income) In an economic recession, for example, U.S. household income might drop by 7 percent, but the household money spent on eating out might drop by 12 percent. In this case, the income elasticity of demand is calculated as 12 à · 7 or about 1.7. In other words, a moderate drop in income produces a greater drop in demand. In the same recession, on the other hand, we might discover that the 7 percent drop in household income produced only a 3 percent drop in baby formula sales. The calculation in this instance is 3 à · 7 or about 0.43.   what you can conclude from this is that eating out in restaurants is not an essential economic activity for U.S. households the elasticity of demand is 1.7, considerably great than 1.0 but that buying baby formula, with an income elasticity of demand of 0.43, is relatively essential and that demand will persist even when income drops.    Generalizing Income Elasticity of Demand Income elasticity of demand is used to see how sensitive the demand for a good is to an income change. The higher the income elasticity, the more sensitive demand for a good is to income changes. A very high-income elasticity suggests that when a consumers income goes up, consumers will buy a great deal more of that good and, conversely, that when income goes down consumers will cut back their purchases of that good to an even greater degree.   A very low price elasticity implies just the opposite, that changes in a consumers income have  little influence on demand. Often an assignment or a test will ask you the follow-up question Is the good a luxury good, a normal good, or an inferior good between the income range of $40,000 and $50,000? To answer that use the following rule of thumb: If IEoD 1 then the good is a Luxury Good and Income ElasticIf IEoD 1 and IEOD 0 then the good is a Normal Good and Income InelasticIf IEoD 0 then the good is an Inferior Good and Negative Income Inelastic The other side of the coin, of course, is supply.