Demand, Supply & Market Equilibrium: PDF
Added on 2021-02-20
10 Pages3057 Words101 Views
Aircraft EngineeringRolls-Royce
Table of ContentsINTRODUCTION...........................................................................................................................1COMPANY BACKGROUND........................................................................................................1MAIN BODY...................................................................................................................................31. Business and its main product..................................................................................................32. Demand and Market Equilibrium............................................................................................33. Price Elasticity of Demand......................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONDemand refers to the term which indicate the desire of customers to consume theproducts. It is very important term for the business as it is directly link to the sales and pricingpolicy of the products which is being produce by the organization (Cooter and Ulen, 2016).Present report will cover the business and its related products. It will tell about thedemand, market equilibrium and impact of factors of demand on the product. Report will alsodemonstrate the price elasticity of demand, its impact on the product and indicate the elastic orinelastic demand for the product.COMPANY BACKGROUNDRolls-Royce HistoryRolls Royce Company is considered to be the most popular British multinationalcompany whose story was started in year 1884. In year 1894, Henry Royce (who was electricaland mechanical business engineer) started manufacturing the electric cranes and dynamos. After5 years later, in year 1899, that Company was registered as Royce Ltd. Henry Royce built hisfirst car in year 1904 whose name was Royce 10. That car was so impressive and powerful atthat particular point of time which made Charles Rolls impress from the creativity of the Royce.In the same year 1904, in the month of May, Charles Rolls and Henry Royce met with each overlunch at the Grand Central Hotel. By the December 1904, Rolls Limited signed an agreementwith Royce Limited to buy all the cars, which was made by Royce. These all car would sellunder the name of Rolls-Royce. After 2 years later, in year 1906, Both Henry Rolls and CharlesRoyce decided to start the company. That is how Rolls Royce Limited was established which isconsidered to be luxury car company in today's time. After the establishment of Rolls-RoyceLtd., at the same year, the first car was launch under the name “Silver Ghost”, which announcedat the best car in the world. In year 1914, the company decided to make aero engines which leadto development of Eagle Engine (Pugh, 2015). But this wasn't able to established and closed inyear 1931. After few years, Company launched Phantom 2 and at the end of 1930s, Companyintroduced Phantom 3. Again during the starting of 1940s, Company started manufacturing aeroengines. In year 1946, Company launched Silver Wraith. In year 1949, Company introducedSilver Dawn. After one year, Company introduced Phantom 4. Like this, Company innovatedSilver Cloud, Phantom 5 and Silver Shadow 1. During the 1970s, Company faced financialproblems, which lead company to reorganized in two different companies — Rolls-Royce PLC1
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