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In India, bananas, apples, and grapes have been growing price. As the law of demand states, this would lower its demand. Oranges are growing in demand due to its low price. The changes in demand of fruits in India describe the relationship between demand and price.

Hey, I like your article because it really links to the Demand topic we did last week. The article is clearly describing the increase in demand of oranges because its substitutes' (apple, grape, banana, etc) experienced the increase in price due to the damage of plantations, and thus their demand had decreased as well. The price of oranges in this part of India stayed the same (Rs40 per kg ), and the price of its substitutes increased from Rs40 per kg to Rs50-60, per kg. The orange demand curve will be shifted to the right because one of the 'ceteris paribus' determinant has changed, and the apple, banana, or grape curve will experience the movement along the curve (the slope) as the price will go up and quantity will decrease. Andjela :)

Hey, I also enjoyed the article even though I wanted to share this article and got a little upset when I saw you have already come across with it. Anyways, I think this is really a good and pure example of the law of demand as you state since the damage on the substitutes of orange increased their price. But I also think that enterpreneurs should aim to supply the substitutes because I think that organic food industry is a fragile market and they should somehow balance the prices. But until then, I guess I'll be okay with oranges :) Alp

This article demonstrates elasticity of demand for oil. It also has a nice explanation of elasticity

Tutar, I very much agreed with you here. Gasoline is a great example of Inelastic demand in a real life situation. The price for Gasoline is very rigid, gosline is a necessity to many peoples lives.In this case an increase in price will mean an increase in revenue. There is a positive relationship between price and total revenue. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. This inelastic demand for the suppliers is a highly desirable situation. An increase in price will increase total revenue despite a fall in the quantity demanded. So theoretically Oil companies could charge astronomical prices and get away with it !!

This article concerns the elasticity of oil supply falling due to the time it takes to acquire it and the difficulty to get it. More oil wells are needed and therefore makes the supply extremely slow because of the time it takes to drill. Because of this, the oil supply takes a long time to react to price change in the economy, making it less and less elastic.

The prices of coffee will be rising soon in the $80 billion U.S. coffee industry due to the cost of arabica beans rising. According to Paul, the price elasticity of demand for coffee is very low because people will not substitute their drinks such as soda due to higher prices. Arabica beans are the most widely used beans in the coffee industry and they even accounted for 59 percent of the world's 153.3 million bags of coffee output last year.

The article that I bookmarked is focusing on coffee in the US Market. Although some say that the price of arabica beans are likely to flame, the suppliers of coffee are not worried. The reason is definitely that coffee is price inelastic. The article also give some insight into the consumer's point of view. When they are asked if coffee has another substitute, they rigidly say "NO!". Being aware of its addictive nature, Starbucks is calm that any price change wouldn't affect its revenue and actually it would get the benefit of such change since coffee is inelastic.

This is an article from last month, and I took it from "The Economic Times". It talks about how India could face water scarcity in the near future due to their growing population.

I have chosen this topic because it emphasizes the importance of balancing the number of births per year. It can be seen as a really good thing of increasing the number of your race, but it can be a big problem if the population get out of the control and limits the water per people in the country

India is in danger of moving towards water scarcity conditions as per capita availability of water is reducing in the country, due to variations in rainfall and increase in demand for water from industries.

A study from the Brookings Institution, a think-tank, finds that poverty in America has become more concentrated over the past decade. During the 2000s the number of neighborhoods with poverty rates of 40% or more climbed by three-quarters. Poverty is rising in the suburbs however, and it might be because of inaccessability to good jobs - not the other way around. People cannot find jobs and although USA is 5% unemployed, inner cities and specifically black communities have a 40% unemployment rate. People are trying to get work too, there just isn't a supply of enough jobs - personally I think this is due to outsourcing, if everything just stayed in the USA then we would have thousands of more jobs available. The problem at hand is a falling in availability of jobs, along with an increased population and people searching for jobs. Due to companies trying to make more money, we have outsourced most of our available jobs in elastic goods to other countries. In this way we have ruined the economy for ourselves, or at least big companies have. Inelastic products do not have this same issue, yet they still outsource because they are greedy. Pretty crazy to think about. Perhaps if everything cost a bit more money, and we weren't allowed to outsource, then the PED would go down and people would pay more for goods because they would have more money to spend due to increase in number of workers.

This is an article about apple's newest product 'Apple Watch'. The author simply brings a a topic that bothers me too on to the table and critizices Apple on that which is that this product being compatible with only other Apple Products. More than that it is compatible with the "newest" Iphones and very expensive. Mr Roy simply says that this is a missed opportuinity for Apple because if they had lowered the price and made their product for non-apple users too they could have doubled their addrasable market. So, I believe this is an article about opportunity cost because Apple has lost its opportunity open up to millions of extra buyers in order to gain more money. Their opportunity cost was their addressable market. (Sorry everbody, I added this 2weeks ago, but apparently I forgot to share it, so here we go :)) Sinem Sınmaz

Hey, I like that you've linked this article with the opportunity cost however I also think that this article links to the Law of Demand as well since the demand curve of the Apple products experiences change in 'ceteris paribus' determinants.The launching of a new Apple watch has broadened the targeting costumers of the Apple products, since now they also have support from the buyers who would rather buy an expensive smart watch, than a tablet or laptop. This is similar to launching the IPod in 2001, when Steve Jobs attracted more buyers who were music lovers, and thus increased the demand in the product without decreasing the price of the same. This change has an effect on the demand curve, because it shifts the curve to the right since the demand of the Apple products increases. Andjela :)

Despite being partially right about claiming if they have lowered the price they could earn more, I also think that by increasing their prices and only providing compatibility between their own devices make it compulsory for people to buy not 1 device from Apple but more since they are only compatible with each other.

The oceans are a crucial for human life, and their everyday functioning. The oceans produce $3 trillion of goods and services each year and are untold value for the Earth's ecology. Despite this fact, humans continue to damage this valuable source of life, and the nature is damaging us back by the melting of the Arctic ice in summer, the spread of oxygen-starved dead zones and the death of coral reefs. An example where the nature is harming us back can be seen in Thailand where the coastal mangrove swamps were cleared to set up shrimp farms. However, the ocean storm surges in 2011, rushed in to flood the country's industrial heartland, causing billions of dollars of damage causing the market failure.

This article identifies the problem associated with over-fishing caused by the tragedy of the commons.

This article not only gives brief information about the Tragedy of Commons but also considers the daily applications of it. It talks about the current market failure in today's oceans. It talks about the loopholes of the Law of the Sea, whereas it considers the possible solutions to that problem.

IN 1968 an American ecologist, Garrett Hardin, published an article entitled "The Tragedy of the Commons". He argued that when a resource is held jointly, it is in individuals' self-interest to deplete it, so people will tend to undermine their collective long-term interest by over-exploiting rather than protecting that asset.

This article focuses on the variable that influence the supply and demand of olive oil. the European Union produces more than 80% of all the olive oil in the world. This article tries to prove that the price of crude does not impact the supply of Olive oil. We also learn about the supply elasticity of oil.

This article discusses how the drastic increase in price for a seat at the 2013 Super Bowl and the writer is saying that this is mainly because teams want to make the most out of every seat and people are still willing to pay the high price.

This article explains the change in price of Super Bowl ticket price in terms of Price elasticity of demand.

This article covers the responsiveness of demand change regarding the pricing of the tickets of the Super Bowl XLVIII

This article talk about how human impact on our oceans could lead to several extinction in the sea. Unsustainable fishing being a big contributor. This is a prime of example of Garrett Hardin idea of the Tragedy of the common as humans human as using up these shared resources for a private benefit, but they are not necessarily thinking about the future of these common resources. And supporting Garrett Hardin thoughts, we must find a way to determine which institutions are best to protect use resources.

This is an article about a firms's trial to solve the gap of supply for the gloves in India. Kerala is the name of the firm which specializes in centrifuge latex production and by that they get the chance to create the largest market around to produce the gloves for surgery and examination. However, despite making a really though progress, they can only achieve to be the 25% of the required amount of supplies. I think this brings up the idea of the Law of Demand and also the "Giffen Goods" term since there is a huge need for this industrial product and there is no other maintaining enterprise, the prices increase in the same proportion with the demand. This is an extraordinary situation of course and it needs to be handled as fast as it can be. Alp Pişkin

This article talks about a new Kerela firm that i set up for glove manufacturing. Since there is a huge gap between production and demand in India (about 75%) this firm decides to set up the greatest glove manufacturing unit.

This article is about how the scarce resource of water is affecting Iraq's stumbling economy. Although a "seawater injection" project has been designed to help Iraq's economy, the lack of resources is what is holding them back. There is also a lack of materials (industry sources) being used to extract the water from the fields; pipes, pumps and new kits to separate larger quantities of water are also scarce. Overall, this article shows that Iraq must deal with what materials or resources are vital to benefit themselves. Scarcity of water and labor sources are affecting a boost in their oil production. -Victoria Benavides

In his article, Roberto De Vogli, discusses how obesity is a kind of market failure. Aapart from the comon view that obesity is "an effect of specific individual and lifestyle choices," Roberto De Voglie argues that "the problem is largely a byproduct of deeper political and economic changes in society.". Apart from discussing the reasons for this failure, he propeses a solutions. He says an ulta-processed food tax" must be introduced on fast foods and the revenue coming from this tax must be used as a subsidy fruits, vegetables and healhty foods.

This Article talks about the tragedy of the commons in Yukon. The territory has finite sources and ecologist Garret Hardin these resources have to be protected. But in Yukon and other places in the world today, these finite sources are not protected and corporations and companies can do what every they desire, This article outlines the problems of not protecting our natural resources, we are working against the good of the whole of society.

Coca Cola is soon to release a new line of milk. The lactose free milk will contain half the sugar of regular milk, 50% more protein and 30% more calcium. Studies have shown consumers are looking to add more protein into their diets, prompting the companies decision. The premium milk will cost twice that of other milk brands.

The price of condoms in Venezuela have skyrocketed to $755 a pack due to a collapse in oil prices. This is an example of market failure with dire consequences. Venezuela has one of the highest HIV infection and teenage pregnancy rates in South America. The collapse in oil prices has caused shortages in many basic products.

This article discusses the previously strong position of cigarattes in economy and their place today. Cigarattes are considerd to be inelastic since they are highly addictive. However over the lst couple of years their elasticity have göne form -0.3 to -0.8. The article discusses how E-cigarattes have become increasingly popular over the years. The author states "E-cigarettes, however, could undermine the cross elasticities that Big Tobacco firms enjoy between traditional cigarettes and smokeless tobacco" and discuss cross elaticities as well as price elasticities of tobacco in this article.

"Central banks have been forced onto a policy path that is far from ideal - not least because they increasingly risk inciting some of the zero-sum elements of an undeclared currency war...." The article talks about how the divergence of monetray politics in three biggest economies (eurozone, japan and US) and unpredictable monetary policy central banks are pursuing affects economic growth.

Russia's economy is suffering from falling oil prices as oil revenue makes up about half of the state budget revenue, while the sanctions imposed by the West in response to Moscow's policy toward Ukraine have almost shut the global financial markets to Russian business. Since oil has the inelastic demands, the fall in price of it will proportionally change the quantity demanded, however if the Russian business decide that oil is not profitable business anymore, they might switch to its substitutes, or if the supply of oil significantly decreases during next few years because of the fall in price of it, the demand for oil might decrease as well and people will again consume its substitutes, such as wood or gas, in greater quantities. If low oil prices and Western sanctions persist for some time, Russia's economy and budget will have to optimize their spending, and concentrate only on profitable budgetary programs, which will not have only major consequences on Russia, but the Europe as well as Russia is one of the main oil suppliers.