The approach that Jill and her friend is doing the motivation
and reward system. In this system, a set
of goal is being targeted and a reward is being accomplished after reaching the
goal. In this case, Jill and her friend reward themselves by getting a gift or
doing a leisure activity.
They all relate to law of demand by showing that as the quantity of something goes down the price of that item will go up.
The substitution impact of a price increase is the transfer to different goods which have emerge as a quite good buy. The income effect of a fee increase is the change in consumption that results from the decrease in the buying power of customers' earnings.For normal goods, the income effect and the substitution effect both paintings inside the equal direction; a decrease inside the relative price of the coolest will increase amount demanded both because the good is now cheaper than replacement goods, and because the decrease price method that customers have a extra overall buying energy. The effect that a trade within the charge of a product has on a client's real income and consequently on the amount demanded of that good.
The regulation of diminishing marginal application applies to business in that it's miles closely connected to the law of demand. That regulation states that as income decreases, consumption increases and that as income increases, consumption decreases.
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The process wherein it involves the circulation of questionnaires among the group members about a specific problem that they want to tackle is termed as the Delphi Technique. The group members should share the results within the circle then they should continue to recirculate and refine individual responses until a consensus regarding the problem is reached.
Having the direct opposite technique with the nominal group technique or the brainstorming, Delphi technique does not require group members to meet face to face.
These are the steps in taking the Delphi technique. The first step is identifying the problem. Next is, the group members shall then be asked to offer their solutions anonymously. They should answer the carefully designed questionnaires. Third, all the answers of all the members are then compiled and are also sent to all members in the group. After each of the members has already carefully evaluated each of the group member’s answers, they are then asked to generate new individual solutions. Lastly, until a consensus problem solution is arrived, steps 3 and 4 will be done repeatedly.
The advantage of practicing the Delphi technique is they do not have to meet face to face. This is important to those members who are geographically separated or to those who are too busy to meet.
