5th August
Wednesday, time for cds. Left the house by 9:20 and got there by 10. They were having a meeting. Unknown to me, the local government inspector was with them with the register in her hands. I stood throughout the meeting, and we were given the same usual speech find sponsors, find sponsors, blah blah blah. Urging us to do what ordinarily the government should be doing.

At the end of the day, she began calling the names on the register and ticking it. Then it dawned on me that “I am not having any signature today”. Mehn was I pissed. What arrant nonsense. Two weeks ago, on Wednesday I came by 8:15 and I didn’t meet a single person from the local government till 9:40. Now they are showing themselves and want us to know they came early innit?. Rubbish.

I was not even interested any longer in the shit they were saying, so I used that time to catch up with my sleep. They were delegating people to investigate this and that. I couldn’t even if I wanted to because I was working and had to report everyday by 8 and I cannot leave till 5.

What a wasted day for me. At least I can do my clearance sha. So I went upstairs for the clearance. Then suddenly I heard we should bring the cds card. I had thrown it somewhere in my bag and I couldn’t find it there. When I was rushing to bring it out, in the confusion almost got hit by someone carrying a chair. Finally I found it and gave it to the cds president. I then used that opportunity to go photocopy my clearance letter. On getting back and collecting my cds card, it was late that was written there instead of a signature. What was the point?. If I had known, I would not have submitted it.

Apart from the miserable day I had, I was able to make some progress in my readings. I read something on Elasticity of demand, do check it out below:

Introduction to elasticity of demand

Price elasticity of demand

Price elasticity of demand measures the responsiveness of quantity demanded to a change in price. It measures how demand changes from a movement in price. When quantity demanded is very responsive to a change in price, then we say demand is elastic, and when quantity demanded is not very responsive to a change in price, we say demand is inelastic.

Elastic demand

A small increase in price leads to a more than proportionate increase in the quantity demanded. When calculating elasticity, Elastic demand is greater than (>) 1. Ie ED > 1

 

Inelastic demand

It is when a change in price leads to a less than proportionate change in the quantity demanded. When calculating elasticity, Inelastic demand is less than 1, ie ED < 1

 

 

Perfectly inelastic demand

in perfectly inelastic demand, a change in price has no effect on quantity demanded. When calculating elasticity, perfectly inelastic demand is equal to 0, ie ED = 0

 

Perfectly elastic demand

Perfectly elastic demand occurs when if there is an increase in price, quantity demanded falls to zero. When calculating elasticity of demand, perfectly elastic demand is equal to infinity, ie ED = ∞

 

Unitary elastic demand

When the price elasticity of demand for a good is unit (or unitary) elastic, the percentage change in quantity is equal to that in price, so a change in price will not affect total revenue. When calculating elasticity, unitary elastic demand is equal to 1, ie ED = 1.

Income elasticity of demand

Income elasticity measures the sensitivity of quantity demanded to change in income.

Income elasticity is positive for most goods except inferior goods. As income increases, there is an increase in quantity demanded for normal goods because there is more disposable income for the consumer to spend on the good. But for an inferior good an increase in income results in a decrease in quantity demanded.