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Quarter 1 Reflection October 22, 2009

Posted by Avu in Section 2.
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So far, I’ve enjoyed this course and I find the subject interesting. I found that our early work with identifying changes in supply and demand was rather easy. However, I feel that the evaluations of decisions was more difficult because I actually had to think of all the different factors and more abstract things that we hadn’t learned up until now such as Verblen and Giffen goods. I think that the online quizzes are extremely useful for learning how concepts work. I feel that the 1:1 laptop program hasn’t changed anything substantially, as I would likely have used technology to organize my work anyways, but I do believe that the full incorporation of computers in class, with a hybrid teaching method, is the best way of learning. I find that I’d rather think about a big picture, hence my interest in macroeconomics over microeconomics, and I get annoyed by the nitpicky details required of a diagram. I also have problems with the fact that we only seem to think in ideals, and the models we create would not be reasonable in real life. Free markets are good.

Oil Prices & the Recession October 21, 2009

Posted by Avu in Data Response, Section 2.
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According to this BBC article, the recession is causing the current extremely high oil prices began to plummet due to less demand. The recession causes a decrease in income, and this decreases demand, shifting the curve from D to D1, moving the equilibrium from E to E1, and decreasing price to P1.

The changes in demand for oil during the recession

The changes in demand for oil during the recession

However, with people perceiving that oil prices will rise, and due to these expectations buying more, as well as factors such as North Korea’s rocket testing increasing demand for the demand, equilibrium, and price, as well as quantity have returned towards D, E, P, and Q, respectively.

Supply & Demand Test Reflection October 20, 2009

Posted by Avu in Section 2.
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I thought I did okay on my test. I could have undoubtedly done better, especially on the evaluation section, but I figure that that section will improve with time and practice. For now, the most glaring error I see in my test is my graphs. Even though I got the gist of my graphs correct, I made some minor labeling errors and this cost me 2 points and, subsequently, 5% on my grade. As for my evaluation, I didn’t quite understand how to do it, so I decided to cover all bases. In the future I will be able to focus on two or three categories, and only focus on facts presented by the article.

Sugar – Supply & Demand October 14, 2009

Posted by Avu in Data Response, Section 2.
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With the destruction of a large amount of the sugar crop, supply would decrease, and the supply curve would undoubtedly shift to the left. Furthermore, consumer tastes and preferences would lean away from Indian sugar, as consumers would prefer other sugars that can be sold at a lower price, and are more reliable. Because of this, the demand curve would also shift left with a decrease in demand. The supply curve would also move high upwards because fewer producers would be less inclined to sell a large amount at a low price due to destructive costs from the typhoon. this would make the market equilibrium very high, and far to the left, meaning a very small portion of buyers would be willing and able to buy sugar, and many producers would be unable to sell because of very little demand.

Sugar Supply and Demand will both decrease, and the market equilibrium and market price will move

Sugar Supply and Demand will both decrease, and the market equilibrium and market price will move