https://padlet.com/dan_hoefs/ehptkzhc3pja Made with joy en-us 2017-06-21 12:03:00 UTC 2024-05-31 05:14:16 UTC hello@padlet.com https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177118375 2017-06-21 16:27:53 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177118375 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177130356 Would strawberries be considered elastic or inelastic? In the crash course video we watched today, the lady said that all people like strawberries, so we all buy them, making strawberries seem as an inelastic product. However, I thought that for something to be inelastic, it would have to be essential for survival. Although strawberries are in the main category of food, which is needed for survival, strawberries aren't particularly essential to surviving. Thus, are they inelastic or elastic and why? And how can we reason out and decide this for other products, like if it was on a test?]]> 2017-06-21 18:50:16 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177130356 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177130946 From your email about calculating elasticity, I did this example problem and want to know if I did it correctly. First, I took 180-150=30, and then 30/180(*100)=17%. Then for the price, I did 60-50=10 and 10/60=17%. So the elasticity of this product would be unitary, right?]]> 2017-06-21 19:00:18 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177130946 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177133034 Yes, that is correct. It would be unitary because, as you calculated, the %Change in Demand is 17% divided by % Change in Price which is also 17% would give you an answer of 1 (17/17). Therefore, it is unitary. Good job! ]]> 2017-06-21 19:35:07 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177133034 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177133196 The lady was trying to be funny -- she shouldn't have been. By claiming that all people like strawberries. That is not true. For example, some people are allergic to them. But enough people buy them so that the market forces of supply and demand always ensure that they are available for sale. If no one wanted them, they wouldn't be available for sale. So, your reasoning is spot on: IF! strawberries were essential to our survival , they would be considered inelastic. That is, we would consume them regardless of the price changes. A lot like medicine. Yet, they are not. I'll buy strawberries only if they are cheap like 50% off. So, in my case, strawberries would most likely have a high elasticity. As I suspect they do. On the test, if I wanted to you specify if an item was elastic or inelastic, I would provide you with the changes in the demand or supply, as well as the changes in price so you would mathamatically calculate it--in order to remove any subjectivity from the question.
 ]]> 2017-06-21 19:37:48 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177133196 dan_hoefs https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177134144 In your notes, I called an item whose quantity consumed increases if your income increases a 'nominal good'. while it it, i should be calling its more widely-used name: a NORMAL good. same meaning. just a new name. so make note of that change. ]]> 2017-06-21 19:54:49 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177134144 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177221814 what do you mean by "returns" in relation to marginal returns? is it like the returned cost, price, quantity or what?]]> 2017-06-22 15:57:22 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177221814 dan_hoefs https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177226796 By 'returns', in relation to marginal returns, means how much money is being taken in by that firm at that given output level. Think of like this: by adding that additional unit (either a person or producing one more unit), is the producer gaining or losing. In our example of Marginal Labor, we see the returns at every quantity output and I say that we have an increasing return by looking at that calculated MPL, which was increasing until we hit 4. At 4 workers, our returns were still positive, however they were less than the prior output level. ]]> 2017-06-22 16:58:41 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177226796 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177306133 wouldnt the answer have been movement along the line because it was talking about the vanilla bean price? why was it a shift]]> 2017-06-23 15:29:15 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177306133 dan_hoefs https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177311800 It's a shift because vanilla beans are an input cost for the production of vanilla ice cream.  Because vanilla beans would be a variable cost which increases, it makes the price of producing each additional item more costly.  Therefore, the supplier would cut back their production.  Ergo, the supply shift for vanilla ice cream would shift to the less because suppliers won't be making as much.  ]]> 2017-06-23 16:58:46 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177311800 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177403213 would we ever have to calculate the marginal revenue, fixed costs, or variable costs? in the practice table from the supply notes activities, you provided us with those numbers, but on a test would you make us calculate those? if so, how?

MR. HOEFS' RESPONSE:
NO!  In this class, I will not make you calculate MR, FxCosts, and VCosts.  I will always give those to you.  ]]> 2017-06-26 01:36:00 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177403213 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177403619 how is a price floor able to lead to unemployment?


MR. HOEFS' RESPONSE:
Price floors lead to unemployment if we examine the labor market.  Given no gov't intervention, the market forces of supply and demand would establish fair market price.  Yet, when the govt steps in, and sets a price floor ABOVE! the market equilibrium price, it means there is a surplus of product--in this case labor--because there are more people able to work, but there is less demand for them working because of the newer, higher costs associated with hiring additional workers.  The price ceiling would make it more costly for a business to hire additional workers.   Therefore, they won't.  So a surplus of labor is also know as unemployment (more supply: labor, than demand: available jobs for hire).  ]]> 2017-06-26 01:45:45 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177403619 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177404429 what is the difference between mpl and marginal cost? for both of them you take the row before it and subtract the numbers...

MR. HOEFS' RESPONSE:

They way you calculate both is the same: Taking the output levels and subtracting them. Yet, they mean entirely different things. Again, MPL measures the additional production per each additional worker. Marginal Cost measures the cost of increasing over-all production by one unit. ]]> 2017-06-26 02:01:15 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177404429 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177404793 Is it possible for when a company an d buyers reach the equilibrium point on the supply and demnd curves for them to move out of that point? Or will they always stay there since they found the "sweet spot"?

MR HOEFS" RESPONSE:

It is possible for them to move out of that point. Things that may cause this could be a gov't market intervention like putting in place a price ceiling or floor. Other things that may cause disequilibrium, though, for a short period of time, may be any of the shifters that impact supply or demand -- that is, if supply or demand do not move in response to those shifters. However, since we know that the market, if left alone, will naturally come back to equilibrium, buyers and sellers will eventually re-find that 'sweet spot' at market equilibrium. Though, how long that takes depends.]]> 2017-06-26 02:08:38 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177404793 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177672647 2017-06-28 17:36:07 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/177672647 https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/178492464 I don't really understand this math, could you explain it again please. 
Like how did you get the deposit


Yep. We will have practice with that today so hopefully it will help. If not, just ask me! ]]> 2017-07-11 15:44:56 UTC https://padlet.com/dan_hoefs/ehptkzhc3pja/wish/178492464