| Music Box |
Leontief Lover's Song of the Week:
ARTIST:Ryan and Chad ft. MLB PLAYERS
SONG: I Don't Dance (MLB PLAYERS REMIX)
ALBUM: High School Musical 2
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| Zerge Zandueta
20 years old and counting, this dude loves sports and videogames. he hopes to contribute something good to society one day and make other people happy
"Humanity is the virtue of a woman, generosity that of a man." - Adam Smith
Kathryn Pua
this perky girl never fails to brighten up anyone's day. very friendly, approachable and outgoing, this person enjoys going out with her barkada, though an 'introvert' at heart
"And very often the influence exerted on a person's character by the amount of his income is hardly less, if it is less, than that exerted by the way in which it is earned." - Alfred Marshall
Bea Lim
they say silent water runs deep. this girl may seem quiet at first, but once you get to know her, you're in for loads of fun
"The friend of the present order of things condemns all political speculations in the gross." - Thomas Malthus
Raymond Lee
a 23 year old korean who makes all the girls go "ga-ga." 'nuff said. ;)
"Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production." - Joseph A. Schumpeter
Carlo Medina
hypnotic on the hardcourt, this basketball icon is not only good at putting 2 on the board but 3 on the report card
"In the long run we are all dead." - John Maynard Keynes
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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
Reference: http://www.cr1.dircon.co.uk/pdffiles/determinants.pdf
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| Cartoon Corner |
By: Paul Combs (The Tampa Tribune)
By: Clay Bennet (The Christian Science Monitor, Boston)
By: Thomas Boldt (The Calgary Sun, Alberta, Canada)
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| Friday, October 12, 2007 |
| Monopolistic Battle |
Monopolistic Battle
By Carlo Medina
In our province, Jala-Jala, Rizal, there are only very few ways of earning a living for the people there. I must say that our place can still be considered one of the still rural and inefficient places in our country. Fishing, Farming and small transportation businesses are still the basic jobs for its citizens. I have witnessed the very little development of my hometown and I would like to share it with you guys. Maybe there is a big reason behind all this evidences of not improving at all in terms of economic stability. I believe this is so because of the fact that Firms want to be monopolists in this small town. I will try to enumerate and discuss the different industries in our little place and how they seem to be the only powerful firm in their respective business.
First, I would like to talk about the industry of electricity because it is one of the most important things in daily living. In our area here in Manila, Meralco controls practically everything. However, in our province, Kephilco, a Korean Company was able to conquer the production of electricity in Jala-Jala. Maybe the Foreign Investor of the said company was able to analyze the fact that if he cannot penetrate into the already established company here in Manila, Rural establishments would still gain max profit. Controlling an area without competitors ensures maximum profit for the company.
Another industry which caught my attention was the banking business. There was only one bank for the whole area and it was owned by the government. This was insurance for the government to make money in order for the town to function properly. The sad thing here of course is the corruption already reaching its maximum level; instead of the declining profit–making programs of the government. This banking system helps the people in the town but I guess it is still a “powerful” monopoly because of the fact that the government makes sure it is a single firm in the area.
The last industry I was able to see is the telecommunications industry. PT&T Phone Company took advantage of the fact that they were the only company providing phone calls to customers. This was another powerful firm because it had no competitors. It was a necessity for the people to bridge the gap between loved ones and make transactions, so this industry automatically flourished.
These firms obtained their supremacy in their own industries because of the situation in a rural setting. These companies took advantage of the difficulty of being a lone establishment. The great risk however paid off because of the absence of other firms. The problem left now for these firms is how to sustain its independence and monopolistic power. “Thy Greatest enemy is thy self.” |
posted by Leontief Lovers @ 3:58 PM  |
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| About Me |
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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
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| Books
"The World is Flat" by Thomas Friedman
"Confessions of an Economic Hitman" by John Perkins
Movies
"A Beautiful Mind"
"Wall Street"
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| Fun Zone |
Calvin and Economics
Jokes
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!"
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