Thermostat is a good marketing device of knowledge. Centralized knowledge is good but uncentralized knowledge can be useful as well depending on how it is used. How prices can be signals to adjust to clear the market, depending if the price rices or falls depending on how people actually get it.
There is more than just things on the shelves;
Expectations are rapidly changing knowing in my life that these things shall always be on the shelves.
Titanium market;
20 million pounds of titanium, process if the prices were higher from 20 dollars per ton to 30 dollars a ton, then customers that use titanium would want to buy less, but how much less? It depends on how easy it is to do without titanium. Are there any good substitutes?
Wood or thin headed clubs that work wells, but it all depends on how etiquette it would be for all of it. What about digging tons of titanium? Depends on how expensive it will be to get the titanium from the ground. The shape of the supply curve changes from how it is being dug from the ground.
Demand curve will be flat if there is a change in the supply curve. If a price is at 25, then it would not be sustained because there would be a surplus and it would be brought down to 20. Suppose, Titanium can allow them to run on higher speed with a less frequency noise from passengers. Instead of it being 10 it would change to 20 millions.
Economic problem; there is not enough titanium to go around. Quantity demand would go from 16 and 10, which is a shortage. Identity the potential parties and work some type of solution. How do these things get solved? Higher a titanium Zared? What would they ahve to know to solve the type of problems?
LOTS OF STUFF THEY DID NOT KNOW IN A MILLION LIFETIMES. To solve this problem, answer the question, how much is the extra cost to get titanium? how to fill the paperwork? Labor costs? Environmental damage? First ton would happen, how would it change for the second ton? How do you store it all? It's very difficult.
Cut back as the demand curve when someone else changes in the market. New entrances come into the market, the demand curve is still the same for the consumer. The market price changes from 20 to 25, the quantity demand will be reduced by 8, so the change in quantity is equal to 2. The price is higher, so would allow others to find more units of titanium and how many producers respond to the change.How do engineers respond to it? At the intial price, they wanted 6, but they don't get it all, so they know that they will get 4 units. So the quantity change from 2 to 4, is then 2. Adding them up will be 6. 6 billion pounds are fitted away. Both came about when the prices changes. At 6 and 20, now 5 at 25 when it changes. (review video from Nov. 24th, 2011 for further information).
Saturday, November 26, 2011
Euvolutionary Exchange (November 25th, 2011)
The Duke should have never allowed the lottery system to pass if they would have gotten angry by students exchanging money. They should have just kept the monetary system in the beginning since it has been working for student dorming since they couldn't allow the system to work. The Duke should have also allowed for it to continue to happen because they know that people are subjective to where they would like to live on campus sometimes. Then and there, that is when the students worked together in order to fix on their goals to where they would like to live on campus.
EWOT - "The Bank Account Merchant"
Today as I was buying a winter coat, I noticed something very odd. When the website I purchased my item from, it gave me an error. Not only did it inform me of this error, it proceeded to take money from my bank account as if the purchase was completed. I proceeded to talk to customer service and my bank account and both can agree that the "merchant" has yet to review the transaction and remove it from the history of my bank account. But this as many things in life, take a couple of business days for it to happen. By waiting however, one loses the flavor of even trying to buying online because they end up losing the money from their bank account to use for other things such as buy groceries. I could understand that without this transaction, the store can easily take more from my bank account than I permit them to get however the way they allow the card transaction first without completely knowing if it would give shoppers an error. Will I continue to buy online however? Yes I will because moving from my buzzem to get to a store is much more of a cost than having my order sent to my door with just a click away.
Surplus and Shortage; Supply and Demand (November 21st, 2011)
Supply and Demand curve in the market of acoustics:
Quantity of demand = Quantity of supply
Demand captures willingness and ability to pay.
This is where it is coordinated and how people's behaviors will to change when the prices changes.
Two questions:
How does each half of the market respond?
They want the price to be high, they can try to slowly meet the demand. Given the price, they would not change the behavior.
At p= $900, quantity supply > quantity demand, by 400 sales.
When quantity supply exceeds the quantity demand does not expect the surplus, it only does at a specific price.
Quantity demand is higher, quantity price is lowered. Sellers benefit from it and buyers do not.
At $300, quantity demand > quantity supply by 400 guitars. The equilibrium point is the middle point of supply and demand.
When prices are increasing, shortages are being eliminated. Low prices can be relatively unscarse. Scarcity is the relative abundance of a good.
Two types of equilibrium:
If wood falls, supply will shift.
If electric guitars increase, demand will shift.
Quantity of demand = Quantity of supply
Demand captures willingness and ability to pay.
This is where it is coordinated and how people's behaviors will to change when the prices changes.
Two questions:
How does each half of the market respond?
- Buyers and Sellers
- Buyers and Sellers
They want the price to be high, they can try to slowly meet the demand. Given the price, they would not change the behavior.
At p= $900, quantity supply > quantity demand, by 400 sales.
When quantity supply exceeds the quantity demand does not expect the surplus, it only does at a specific price.
Quantity demand is higher, quantity price is lowered. Sellers benefit from it and buyers do not.
At $300, quantity demand > quantity supply by 400 guitars. The equilibrium point is the middle point of supply and demand.
When prices are increasing, shortages are being eliminated. Low prices can be relatively unscarse. Scarcity is the relative abundance of a good.
Two types of equilibrium:
If wood falls, supply will shift.
If electric guitars increase, demand will shift.
Sunday, November 20, 2011
Pictures and their Significant meaning (November 18th, 2011)
The first image could be described as a way for Americans to not spend products if they are going to be wasteful. This is actually something that I disagree with because whatever it bought in the market will always benefit the economy. But in the poster it is almost saying that if you run with buying items to be wasteful than your only helping the enemy because they're are being less wasteful and using that to benefit their production and economy. The enemy perhaps was discussing the Soviet Union.
The second image describes a poster demonstrating to society should not buy cars because they would be riding with Hitler. It decreases the demand for cars and demonstrates that they would rather not have so many people using cars at the money where they could all share passenger seats. This could also be due to the supply of the cars in the United States.
The last one is pretty simple. It basically tells others to be honest to one another and try to depend themselves as reliable sources.
The second image describes a poster demonstrating to society should not buy cars because they would be riding with Hitler. It decreases the demand for cars and demonstrates that they would rather not have so many people using cars at the money where they could all share passenger seats. This could also be due to the supply of the cars in the United States.
The last one is pretty simple. It basically tells others to be honest to one another and try to depend themselves as reliable sources.
Rationizing under the Price System ( November 18th, 2011)
- How does it channel competition?
- Destructive
- Market economy to give goods to people. There would have been no advantage from the producers to the apples.
- Rights cannot because duties and strive as someone you don't want to be.
- Once a universal bureaucracy, you cannot understand how it will impact providers. If people want more, how will you bring "more" to everyone.
- Provide the care? No, the opposite. No investments on diagnostics and medical beds based upon that. Figured out to find the supply as there is an increase ind demand.
- Right on ration, you allow people to do what they would possibly do to obtain a good.
- You don't have to ask in order for people to run on incentives.
- There is no vaccine policeman; we can allocate our resources ourselves.
- Moral succession does not work in society. Cheating on his exam to take the exam earlier to give it to another is to have the opportunity to get an A. Big mistake.
- Reallocation of the resources; without the price system, there is no way (signal) to demonstrate how to know who needs the water more than anyone else.
- Low demand where Ive live, high demand elsewhere to get them to gain from transaction.
- Somebody else values it more than now than before, morally bankrupt idea.
- Banning kidneys, black market is 100,000 more.
- What should determine who gets that is the safety net institutions.
- Rich and poor are no alike
- Inequality is greater today than WW1
- Is it possible to make health care independent?
- Is it always desirable?
- Why do people insit on talking about it?
- Rationalizing mechanisms and the advantages people retain when done to a price system?
Exchanges the transaction
Leizure and the time lost
The double coincidence of wants
1/10th of a Guitar for a concert ticket.
Supply Rationing Criteria (November 16th, 2011)
Supply Rationing Criteria is what businesses can chargewhat other people value. Five fishes for 12 people.
The Higher the line, the higher the price
Evaluating the Rationing Mechanisms:
1) Where competition came from = scarcity. The compeititon is not in capitalism or communism.
2) Nature of competition and the destructive effort hasn't improved society from zero-sum
The constructive effort of price to produce and improve society. Still having the money if you lose and it is at a lot richer place.
What are incentives for producers to make delivery more valuable?
- Needs- Appeals instinctively but very vague because it has a who and a why.
- Queue - first come first served. Still costly with lines.
- The Lottery- Is it fair? It is easy to rig and may or may not get it.
- Equal Shoves - Pure communism at a low cost or straight forward
- Might makes Right - Fight and medical costs and planning is hard
- Merit- deserves them for beauty, smart, and difficulty on accident.
The Higher the line, the higher the price
Evaluating the Rationing Mechanisms:
1) Where competition came from = scarcity. The compeititon is not in capitalism or communism.
2) Nature of competition and the destructive effort hasn't improved society from zero-sum
The constructive effort of price to produce and improve society. Still having the money if you lose and it is at a lot richer place.
What are incentives for producers to make delivery more valuable?
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