As we make the transition from consumers to producers it is important to consider the intersection of supply and demand. This week's video lecture shows an interesting segment of the market that is outside the lines of both.
One of the questions to the video lecture asks you to find your favorite knock-off. If you have a particularly good one, list it in the comments to this post.
The Big XII has seen a lot of changes in the past few years, but this could be one that we are all on board for. At WVU they have experimented with selling beer at home games and so far it has been a success. Would you consider this a "laissez-faire" type policy? How does this relate to more pressing issues like gun control, abortion, or marijuana legalization? Does the policy depend on the good to be regulated, and why?
For Thursday's lecture on the underground economy I would like you to listen to this podcast by Planet Money (NPR). Here are some questions to expect on the quiz - What is the name of the drug being discussed? What is its purpose? Why don't doctors prescribe this drug more often? Why has demand tripled for this type of drug?
Here is a great article on how many Apple products have been made. For this article you will only be accountable for reading the first page, if you would like to keep reading please feel free to. Perhaps the line that stood out to me the most was that "Made in America" is no longer a viable option. If Apple were to move their operations back, what do you expect would happen to the price of iPhones, iPads, etc...? Assuming that the price of labor is more expensive in America, which it is, what would be the effect of such a move on the demand for Apple products or the supply of Apple products? Using a supply and demand graph, could you show this?
Here are a few additional questions I would like you to consider.
- From an economic standpoint, does it make sense to use cheapest possible labor?
- From an ethical standpoint, do you feel that Apple is obligated to produce in any one country?
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