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economics

The “Roaring Twenties” was a period of social, artistic, cultural and political dynamism. It was a decade marked by flappers, bobbed haircuts and the women’s suffrage movement as well as one characterized by organized crime, prohibition laws, and jazz music.

Centuries ago, Machiavelli dictated theories for what he felt a good leader consisted of and the traits he thought were crucial for being a strong leader. One of his most famous works is The Prince, an essay in which he details the various challenges facing a prince looking at being a King in the future and the steps such a prince ought to take to ensure he is followed and can be a good leader.

In the late 18th century, the Industrial Revolution marked an era in human civilization where there was a tremendous shift in the ways that people worked, what was produced and how. Manual-based labor was replaced by machinery and industries that could manufacture products at exponential rates than they could have been made before.

The decision to continue operating a business at a loss is a hard one to make and there are many factors that need to be taken into account. With only the information given, it would make sense to stay open at least temporarily to see if another solution presents itself to increase revenue.

The price elasticity of demand measures the rate of response of quantity demanded due to a price change. To calculate the price elasticity of demand, the following equation is used: