Saturday, March 18, 2006

This week

I know there's no exciting post this week to get you thinking on what we're actually supposed to be concentrating on...but there aren't that many discussion points on terms.

Malcolm had a good question, though - when you have a holiday like St. Patrick's Day (or any other, really), is that e/affect Micro or Macro (his question was in regards to bars)? I could think of a good argument for either.

What about a bigger holiday - like Easter or Halloween or Christmas?

Have a nice weekend - see you Tuesday. Monday will be time for you to talk with the people in your group about your chapter synopsis/review/whatever you want to call it.

25 comments:

The Amazing O-clam said...

I think it would be macro, the whole economic phenomenon thingy, holidays arent that often

emkatbuto said...

I was doing activity 25 and I am not quite sure if my answers are right, I was wondering if you would be leaving the answers with the sub for tomarrow...?

emkatbuto said...

So, I know this is an S/D question but I could not come up with reasoning for this one...maybe you guys could help out. Michelle and I were taking the other week and wondering about why the price of school supplies decreases in august when the demand is so high...? Shouldn't the price increase durring that time???

KM said...

Oooh...great question, Emily. I'll leave it to someone else to figure out, and check back to see if someone has answered.

I didn't plan to leave the answers - I'll call in the morning and see if I can talk them through where the book is...better yet, you guys know where the book is, someone grab it and go through the answers. Go to this page if the sub is unsure, to show that I said it was okay.

On that note, hopefully someone in the chapter 13 group will see this - you don't have to worry about explaining a production function. We'll get to that with factor markets in unit 4.

See you Tuesday -

schmid said...

Thanks; I am in chapter 13; I will not worry about the production function

jacnbox said...

oh sweet, i totally left my econ folder at school. its ok, cause i have my book, and have been reading/taking notes.

jacnbox said...

as far as school supplies are concerned, my best educated guess would have to be competition. there are a million different companies selling these items. some compete by their prices, others by the coolest designs. dont you remember when everyone had to have lisa frank trapper keepers/folders/pencils/etc...? as long as the real customer (the kids) are satisified, then the parents, generally speaking, will pay the price asked. unless of course you were my mom, who, to this day, will only let us get the 10 notebooks for .99. then the competition is based upon the cheapest product, with maximum quantity. my sister and i dont need 30 notebooks, but because they are only $3, we get them.

i think thats how it works.

bjjames said...

so I'm leaving one of my blogs right now...
school supplies goes down because supply is so high...that's my thought...

bjjames said...

I think the whole holiday thing would be macro...

cranjos said...

please have mercy on my soul Mrs. McDaniel, but I didn't have access to a computer last night. I understand that I had all week to post, but I generally do these on Sunday sometime, and yesterday involved babysitting at Grandma's without cable television or internet, and once I got home the computer wasn't working, sorry! I have study hall second hour, so this was the first time that I had access to a computer...my bad! P.S. Wichita State sucks!

cranjos said...

regarding the school supply thing...it would make sense i suppose to lower the prices when the demand is so high, because when families go school shopping and they see that stuff is cheap, they might buy in bulk since its worth it to do so and have extras in case they run out

cranjos said...

School Supplies Part II...what i dont understand is why producers wouldn't keep the prices where they were, if not raising them, during a time like august when the demand is high...say Shopko charges $.60 for a folder and the demand is 100, Shopko would bring in $60. If the price drops to $.40 and the demand increases to 160, Shopko now brings in $64. But if the price of a folder stays at $.60 and the demand drops a little to 130, Shopko now brings in $78. I dunno, but with this made up figures it seems like price should at least stay the same when demand goes up, but maybe this is why I'm not going into business.

cranjos said...

maybe you told us on friday when i was in madison, but i wasnt aware of the fact that you were going to be gone on monday...i have questions about activity 25, but i'll just run these by slops or t-gorm in class

forsnic said...

according to law of supply the price of supplies should increase. so it should be opposite, but it is because every kid needs supplies that it causes a finacial strain if a family has multiple kids. also because they are cheaper parents are inclined to buy more to last the whole year or whatever brand the kids wanted. also however, since production of school supplies increases by ten fold in august/sept the supply increases as well as demand, so the price should go down.?? maybe? im not so sure. lol

gorman said...

My best guess about the school supplies is this...the stores lower there prices to get the most business...if they don't lower their prices, the other companies will and people will go to the other stores and buy there product. If the prices are low, people will also buy a greater quanity at that price, which is the law of demand

gorman said...

i forgot about the supply also, the supply goes up in august also which forces the prices down as well...i think there is multiple factors involved in the lowering prices. About the holidays, i think holidays are macro because they involve more than one country when it happens and it affects the larger economy as a whole

cherie said...

I feel like I understand the stuff but then when we have a test I don't do very well on them. I'm getting frustrated and want to know how I get an okay grade on some of the stuff and then bomb on the other stuff.

emkatbuto said...

Trying to come up with a reason, All I could come up with was situations that could not happen. The only reason the supply increases is because of the high demand and there is a high demand because the prices are droped. So, I am thinking that there is some other reason besides s/d because nothing i logical, unless school supply businesses are crazy. And all suppliers have sales so it cant be one place trying to get more business than another. Also that people buy in bulk because of the sale, but when you think about it if there was no sale people would still have to buy the supplies and adding it all up i think that the non sale would make more money...? I guess that I still have no conclusion.

The Amazing O-clam said...

Ok, here is my theory:
Macroeconomics, the study of PHENOMENON in economics, I would say school supplies disobeying the laws of Supply and Demand is definately a phenomenon. Plus, as Big Jim Kastacqui put it, the competition causes prices to lower. In addition, most people stockpile school supplies and then never buy anymore, that is what we do, so if you lower prices, people are going to stockpile even more, and buy more in bulk

forsnic said...

i think malco's got it right. :) but then again econ is screwed up enough already that it probably isn't even a phenomenon because nothing is rational to begin with.

helen said...

about the S+D school supplies, if D is rising so much, never mind... that doesn't work. OK, I really have no clue, but I thought I did; sorry

jacnbox said...

ok, so i was sitting on messenger tonight, procrastinating my homework, per usual, while talking to katie athas. she was writing a persuasive paper for college. it was on the positive effects of minimum wage. even though economists would say any government inference is bad, she still asked me for an argument.

here is our conversation:

Katie says:
what is one way the raising minimum wage would help the economy

Jac says:
it wouldnt. most economists agree. if the government steps into the economy, ex: tariffs, quotas, minimum wage, ceilings and floors, this intereferes with the markets ability to retain or switch equilibrium. raising minimum wage is similar to inflation.

Katie:
well that doesn't help my argument

Jac says:
i know, im sorry.

Katie says:
oh well

Jac says:
im trying to think of some bs argument here. what do you have so far as your arguments?

Katie says:
i will just have to find something else to babble about

Katie says:
minumim wage is not livable, children suffer from it

Jac says:
without minimum wage, the economy's equilibrium between supply and demand would change so that a larger gap between social/monetary classes would emerge. essentially, the rich would get richer and the poor would get poorer. already wealthy business tycoons, would then have the ability to use their resource, labor, to its maximum while paying close to nothing. a cashier could clock an 8 hour workday,

Jac says:
but only recieve 8 cents. the lack of minimum wage, which is currently unable to support an average family consisting of two adults and two children, would dramatically increase poverty in america. combine this scenario with the increasing need to pay off the national debt, with the temporary solution of printing more currency, and inflation skyrockets. people immigrate to america to live the

Jac says:
american dream. without the minimum wage, a standard as to where to start financial support, the dream is shattered.

Jac says:
and yes, you can use it. just save the paper, in case i need to use my words again

Katie says:
thank you. now my paper is almost done.

jacnbox said...

km, i think you should make my last comment a big post. maybe we can discuss this as a class more.

wazoo, 2 posts and its only thursday!!!

forsnic said...

wow jac that is a pretty solid argument. i agree with most of it. and hey you actually sound smart!! lol jk. however, what i really want to know is why u guys talk about economics on msn. that is just weird

emkatbuto said...

I think we are ready for the answer to my question Mrs. M