Andy's PJE 2013-15 SL Economics class

Week 7 News - Starbucks Is Criticized by Chinese State Media for Higher Prices

The demand for gadgets among the young people from 12 to 17 years old reflected the inelastic demand for iPhone. The most desire Christmas present is the Samsung Galaxy phone follows by the Apple. This shows that young people, most of them, who do not have their own income, are very interested in the technology in order to keep up the latest news updates and gossips with their peers or their families and friends. The advertising od these oligopolies are very successful by promoting the products as an essential tool for daily living. The incomes of the families that are able to afford these gadgets reflect that they are from middle income or the rich. The pricing of these products are reasonable affordable as the US dollars is stronger than the Korean Won. The close substitute, cross elasticity is the Apple, which is an American product, which may be compatible in price and functions, but Samsung seems to have greater inelasticity. Christmas is a period of seasonal demand where the inelasticity of new gadgets increases because adults want to please the teenagers with new technology. The businessmen are able to intelligently respond by increasing the supply because they are inelastic in their supply to increase their marginal revenue and to enjoy of scale.

The following article states how Tesla, which is an electric car company, worries about the supply for their lithium ion batteries. Their supplier Samsung is not able to keep up the supply of batteries so they are looking for methods of increasing battery production together. Therefore although demand for batteries increased, the supplier Samsung was not able to keep up with the rising demand for batteries.

This is my article for this week's topic - income elasticity/cross elasticity/elasticity of supply. The article above relates to the raise in minimum wages of the people in Washington D.C. My write-up can be viewed here: https://pamojaeducation-com.campuspack.eu/Groups/13.Y2.ST.ODP.MAY.ECON.SL.A/Nattanopthorns_Economics_Blog/2013/11/9-2_-_Income_ElasticityCross - Bee

Week 9 - News Artcicle

This article talks about how oil has changed significantly the last 10 years, and what factors affected this.

This is my article for this week's topic - price controls. The article above relates to Thailand's government's attempt to control prices of goods. My write-up can be viewed here: https://pamojaeducation-com.campuspack.eu/Groups/13.Y2.ST.ODP.MAY.ECON.SL.A/Nattanopthorns_Economics_Blog/2013/11/11-2_-_Price_Control_Newsstand - Bee