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The article discusses that oil, which was previously too expensive to exploit is what cause the increase in prices. Now, new oil reserves are not only more expensive to develop, but they also take much longer between the time the first well is drilled and when the first oil is produced. This means it takes longer for oil supply to respond to changes in price.In economic terms, the oil supply is becoming less elastic as new oil supplies come increasingly from unconventional oil. These statements are supported by data and charts found within the rest of the article.

I know that oil is important for our daily needs, and I think the oil company knew that too. That why the price of oil is so expensive, and I think it too much. People go to work and then spend their income on oil. If there is plenty of oil as they said we wouldn't have to spend that much money anymore.

this articles about the elasticity of demand and supply concerning the oil industry.

This article talk about the supply elasticity and try to answer the question: "Should scarce resources go to those who are willing and able to pay the most for them, or should they go to those who manage to get in line soonest?" It explain us that the mayor part of oil is going to the military use because the priority is to win the war, and civilians are making due with a fixed supply. With the hurricane the good where supply is inelastic is probably hotel rooms because they can build more hotels and rooms it is impossible. The hotels will increase the price because the demand for the hotel room is increasing, as a result there will be a movement along the demand curve. It try to explain that there should be a fixed price for the emergency products because with the huracane the transport is more difficult and the prices rises. That results in an overall more brittle system in which local supplies aren't very resilient to disruptions in transportation.

The article is written about a survey that was consucted in Australia to study the elasticity of food items. 15 food groups were surveyed and compared to each other. Milk, bread, fresh fruit and vegeatbles were seen as the most inelastic. Even when prices were increased people bought these items and could absorb the price increase easily. Normally sales would have increased with a drop in prices and decreased with a hike in prices but not in these cases. This clearly shows what we studied this week about how essential products are inelastic. The article also discusses how Aussies in comparison with the American and Canadian are more likely to give up meat in case of a price increase.

Earlier this week the U.S. Department of Energy announced that the average national price for regular gasoline in the U.S. was now $3.96 a gallon. Last week the Kremlin banned gasoline and diesel exports from Russia to alleviate domestic shortages sending gasoline prices in Germany to a record $9.10 a gallon. Although price increases, people are still going to buy it due to it's elasticity, which is so small. The reason is gasoline is definitely a necesity.

This article describes the effect of raising taxes on the people. Tax payed by the rich can be used by the government for man reasons such as implementing new policies, improving public amenities, and to benefit the poor. The article says that raising taxes has two main effects, one that people work less since work is now less rewarding. It also may cause people to feel the need to work longer hours because the might need to make some more money to keep the household running. One important determinant of the effect of tax rates is the relative position compared to other countries. Another is the international mobility. This mobility occurs because people believe that in other countries with lower taxes their pay will be greater and they can live a better life. The greater the mobility, the greater the elasticity of supply with respect to changes in taxes.

This article talks about the change in supply of oil in different regions.

Samsung and Apple are the most popular companies producing highly desired products, but it seems that Samsung has took the lead. The cross elasticity value of each respective smartphone is high and positive, making them close substitutes for one another. With the high cross elasticity value, the sales for each product is sensitive to one another, making the market fierce.

This article is very interesting, Andy. I find it amazing how blackberry has almost completely dropped off the face of this planet! Its all about samsung and apple now. Since the Iphone 5 came out, I am guessing that the demand for Samsung phones has dropped!

In this article you can learn something about the copper, for example the market of copper was growing during the last years because the demand for copper was constantly growing but this year the situation has changed. The main reason is the depression of the market and the public deficit. Indeed, although exchange inventory is down by some 100,000 tons this year, much of this has simply shifted to higher inventories in China. HSBC estimates this year to show a 200,000-ton surplus, although this is down from an early estimate of 340,000, but is in stark contrast to the World Bureau of Metal Statistics which recently reported the January-to-August-2012 deficit as 299,000 tons. However the future situation of the copper seems to be good because the market of copper will grow across 2013.The bank believes the market is likely to remain in surplus through the middle of the decade, with a peak of some 600,000 tons reached by 2015.

According to this article, the recession has induced Americans to reevaluate their spending and adopt cost-saving strategies such as using coupons or taking advantage of sales. Many people have reduced the amount of money they spend, over the last couple of years, especially those who have incomes of under $45,000. "The consumer mindset has changed (…) they've become used to being careful about what they buy and where they buy it." However, while price is a major factor, consumers said that quality was still a top priority. The article indicates that there are certain items that consumers will not go without: The first item on the list was animal protein: 10 percent [of consumers] said they refuse to give up meat, poultry, fish and seafood. Also, 8 percent saying they would not forgo alcohol, tobacco; coffee, tea; milk, juice, or household and laundry supplies. As expected, "38 percent say they're purchasing less clothing and 20 percent said they're buying less expensive brands." Therefore, items such as proteins, alcohol, tobacco, coffee, tea, milk, juice, and household supplies are relatively inelastic goods with regard to income. On the other hand, clothing is an inelastic good during this recession.

This article talks about an increase in the excise duty on soft drinks which are already subject to a 23pc VAT rate. With this measure the government is trying to reduce the obesity and to increase the revenues of the government. I think that this is a good idea because the problem of obesity is very concerning. Also the costs of treating the obesity are very high (in Spain the government is paying 37 million each for treating the obesity) Many doctors says that the obesity is the epidemic of the XXI century. The fat tax has been introduced in some countries in Europe. The problem is that these taxes are very unpopular because the food is a necessity product. The biggest impact of a tax increase would be felt by the young and lower income groups who are the biggest consumers of soft drinks.

Hong Kong government has decided to impose 15% excise tax on property in Hong Kong that is bought by foreigners. This is a difficult measure for many foreigners wishing to purchase houses in Hong Kong. Some foreigners that has been around for several years are also not feeling as happy as before. Some clients are also thinking about leaving. The government primary reason is to protect its economy from inflating property resulting from foreign investments, low interest rates, and limited supply of housing in the market. Clearly, this situation is related to the topic of excise tax, or specifically, ad valorem tax- fixed percentage is charged on a particular good. This has led to an increase in price, which leads to a fall in demand from foreign investors that wish to invest in Hong Kong properties. This shows that properties are in fact elastic products, but government is able to impose tax since it does not affect the producers dramatically and it does not affect the majority of the consumers. Only foreign investors are affected. Realtor can still generate sales from local investors.

Scottish Power has announced a price rise in the gas and electricity bills by 7%. The firm has 2.3 million customers and the average yearly bill will increase to £1,271. The rise is said to be caused by an increase in costs for transporting gas and electricity. Other energy firms have also raised prices. The demand for the product, electricity and gas, is definitely inelastic in this case, since electricity and gas are necessities for the people. People will still need electricity regardless of how much price has increased. Demand will remain the same. All the energy firms are also raising costs, so the consumers have no substitutes. They have to endure to higher bills to come.