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Learning Corner
Eco Lesson of The Week : Determinants of Supply and Demand
The intersection of the supply (upward sloping) and demand (downward sloping) curves is called the equilibrium pt. This point represents the price at which goods are sold and purchased at the market. However,
this equilibrium point may change depending on a shift by the curves. The curves may shift one at a time or at the same time both either upwards or downwards. An upward
shift by either curve would raise the price, while a downward shift would lower it.
What we want to know this week is what causes these shifts in supply and demand, called their determinants.
The Determinants of Supply
1. Costs of production
2. Profitability of alternate goods in supply
3. Natural occurences
4. Expectations of future prices
5. Profitability of goods in joint supply
6. The number of sellers
The Determinants of Demand
1. Tastes, fashions, preferences
2. The number and price of related goods
3. Income
4. Expectation of future prices
5. Population
By: Clay Bennet (The Christian Science Monitor, Boston)
By: Thomas Boldt (The Calgary Sun, Alberta, Canada)
Friday, October 12, 2007
iPhone! iLike!
iPhone! iLike! by Bea Lim
Just this recently, Apple has launched the iPhone. This recent technology has really caught the attention of the whole world. For everyone who doesn’t understand why it has made such chaos, here’s why. Why has it caused a hype??? iPhone has combined three features that every person dreams to have. It is a mobile phone, a widescreen iPod and an Internet device all combined into one! iPhone is small and lightweight. However, looking into it, it has the typical features that any other phones have (i.e. the Dopod); features such as web browsing, emailing, mp3, etc. On June 29, 2007, they have already sold a whopping 1.28 million iPhones!
Perhaps why people want to have the iPhone is because it gives them the status symbol. One person was even featured in a local TV news show because he was the first one to have the iPhone here in the Philippines. Another person, before sending a text message to his friend, even included and boasted in the message that he was using an iPhone!
Recently, issues were raised because Apple is creating a “monopoly”. Apple is barring and limiting the US customers from choosing a cellphone service provider other than AT&T. Hackers has enabled people to connect to other service providers other than AT&T and Apple, in order to counter that, has released a software update that turns hacked iPhone into “iBricks”. iPhones that were unlocked are disabled by Apple.
We can never blame the US customers for wanting to switch to another service provider. AT&T imposes the following charges: a Regulatory Cost Recovery Fee of up to $1.25 to help defray its cost incurred in complying with obligations and charges imposed by State and Federal telecom regulations, a gross receipts surcharge, and State and Federal Universal Service Charges. These fees are not taxes or government-required charges. Taxes and other fees also apply.
With all these charges that AT&T imposes, consumers will really try to find other service providers. In the first place, the iPhone itself is already expensive. Now, Apple and AT&T is imposing other charges that consumers feel unnecessary! OK..for this reason alone, we can’t really blame them!
Even if Apple is “monopolizing” the iPhone, consumers cannot do anything about it. Still consumers buy the iPhone. Many people still covet the trendy technology! With all the issues coming up, people can’t really complain. Apple is the first one to release a device that caught the world’s attention. They were the ones who took the time to research and develop this new kind of technology- a very characteristic of a monopolistic firm.
What other firms can do is develop a new technology that is similar to iPhone. China has already developed a device similar to iPhone costing only around 12,000 pesos. As for the consumers, they can opt to buy those ‘imitations’ if iPhone is so expensive for them!
Name: Leontief Lovers Home: Manila, Philippines About Me: people wonder why we are called leontief lovers. it's simple, in eco, there is a canonical form of utilty and production function called Leontief Preferences / Technologies. In a two good/input world, you always would need the other good/input in order to remain satisfied/have the ability to produce... in other words, you will never substitute one good for another, you need to consume/use both goods at a fixed proportion at the same time... LIKEWISE, in our blog, WE WILL NEVER TRADE NOR SUBSTITUTE ECO FOR ANOTHER! See my complete profile
An economics professor and a student were strolling through the campus.
"Look," the student cried, "there's a $100 bill on the path!"
"No, you are mistaken," the wiser head replied. "That cannot be. If there were actually a $100 bill, someone would have picked it up."
Feudalism: You have two cows. Your lord takes some of the milk. Socialism: You have two cows. State takes one and gives it to someone else. Communism: You have two cows. State takes both of them and gives you as much milk as you need. Bureaucratic Communism: You have two cows. State takes both of them and gives you as much milk as the regulations say you should need. Bureaucracy: You have two cows. State regulates what you can feed them and when you can milk them. Then it pays you not to milk them. After that it takes both cows, shoots one, milks the other and pours the milk down the drain. Then it requires you to fill out forms accounting for the missing cows. Fascism: You have two cows. State takes both of them and sells you milk. Nazism: You have two cows. State takes both of them and shoots you. Liberalism: You have two cows. State dosen't care whether you exist, let alone your cows. Capitalism: You have two cows. You sell one and buy a bull.
PRICE IS IMPORTANT! (disclaimer: may be a little off-color)
"My Dear, would you go to bed with me for a million dollars?"
"Well, yes, I guess I would."
"How about $100?"
"What kind of person do you think I am?"
"My Dear, we have already established that. We are merely haggling over the price!"
Just this recently, Apple has launched the iPhone. This recent technology has really caught the attention of the whole world. For everyone who doesn’t understand why it has made such chaos, here’s why. Why has it caused a hype??? iPhone has combined three features that every person dreams to have. It is a mobile phone, a widescreen iPod and an Internet device all combined into one! iPhone is small and lightweight. However, looking into it, it has the typical features that any other phones have (i.e. the Dopod); features such as web browsing, emailing, mp3, etc. On June 29, 2007, they have already sold a whopping 1.28 million iPhones! 
