ECON Project with prof. Larisa Ray: Fall 2018 Microeconomics R 6:30 by Larisa Ray

ECON Project with prof. Larisa Ray: Fall 2018 Microeconomics R 6:30 by Larisa Ray https://padlet.com/lray8/jy6g4xp6zggc One of the most important goals of teaching economics is to teach students to THINK how to deal with real world economic problems. Despite the fact that there is no universal definition of critical thinking, we can use a statement of Michael Scriven & Richard Paul (1987) and identify this as an intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action. We believed that critical thinking involves identifying, analyzing, synthesizing, and evaluating information to yield actionable knowledge to make effective decisions (Argyris, 1996; Giancarlo & Facione, 2001; Liuetal., 2011; Scriven & Paul, 2005). The development of critical thinking skills in economics class, with a specific focus on collaborative learning (ECON Project) designed to increase student communication, engagement, and collaboration. en-us 2018-08-18 19:33:42 UTC 2023-01-30 11:04:57 UTC hello@padlet.com Does an increase in concentration in the mobile wireless industry increase combined market power and reduce the competition? lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/277344723 Oligopolies are common in the US economy, and concentration is increasing in many industries, for example, in the mobile wireless industry.
The hypothesis:

If companies in the mobile wireless industry can increase their concentration, then their combined market power will increase.

]]> 2018-09-03 18:06:32 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/277344723 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/277780848 2018-09-04 23:09:16 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/277780848 North Korea: Will The Country’s Reintegration Into The International Economy Increase Productivity of Agricultural Sector? lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/278620640 The hypothesis:
If allow private farming and the private ownership, then North Korea's agricultural sector will become more productive.]]> 2018-09-06 19:21:22 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/278620640 https://padlet.com/lray8/jy6g4xp6zggc/wish/280607049 Hypothesis: If online shopping is more practical and ]]> 2018-09-12 23:54:42 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/280607049 Hypothesis: If Google puts in policies that harms YouTube content creators and the free flow of information, then it will eventually fall to competitors. bladerm https://padlet.com/lray8/jy6g4xp6zggc/wish/281090324
Articles:

The Guardian. (2018, January 18). YouTube’s small creators pay price of policy changes after Logan Paul scandal. Retrieved from
https://www.theguardian.com/technology/2018/jan/18/youtube-creators-vloggers-ads-logan-paul
U.S. News & World Report. (2013, April 26). The New Censorship: How did Google become the internet’s censor and master manipulator, blocking access to millions of websites? Retrieved from https://www.usnews.com/opinion/articles/2016-06-22/google-is-the-worlds-biggest-censor-and-its-power-must-be-regulated
Federal Trade Commission. (2013, January 3). Google Agrees to Change Its Business Practices to Resolve FTC Competition Concerns In the Markets for Devices Like Smart Phones, Games and Tablets, and in Online Search Retrieved from https://www.ftc.gov/news-events/press-releases/2013/01/google-agrees-change-its-business-practices-resolve-ft

]]> 2018-09-13 23:30:50 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281090324 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281324203 The hypothesis: if housing price level increases in a near future, then ________... ]]> 2018-09-14 14:18:25 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281324203 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281325582 2018-09-14 14:20:45 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281325582 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281328054 Our traditional culture creates negative economic externalities that significantly risk our environment because of the major amounts of pollution it produces.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3167680 ]]> 2018-09-14 14:24:22 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281328054 What happens when we run out of water, gas, sunlight... lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281334717 All this will have a HUGE impact in our life. We are overusing and relying on these non renewable resources. Have we even thought what will happen when we no longer have these resources we so desperately rely on ]]> 2018-09-14 14:34:06 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281334717 The effects that hurricanes have on the economy. lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281337543 2018-09-14 14:38:46 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281337543 Auto Industry lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281340477 Currently European countries pose taxes on exporting cars and trucks to the U.S. but the Trump administration is working on striking better deals with less taxes which in turn will lower the price of incoming cars like Volkswagens, Audis, Porches, Alfa Romeos, ect. ]]> 2018-09-14 14:43:39 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281340477 What will the economic effects of commercial spaceflight be for ordinary people? What goods/services will become cheaper/more available? lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281345552 Hypothesis: Commercial spaceflight will lower the cost of people going into space and colonizing other worlds . It will also lead to asteroid mining, which can unlock precious resources in quantities and qualities unavailable on earth, and provide everyone with internet coverage by the 2020s .

]]> 2018-09-14 14:51:21 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281345552 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281348057 2018-09-14 14:54:50 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281348057 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281352057 2018-09-14 14:59:24 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281352057 Externalities in the Cashmere Market. lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281557185 1. Draw the graph for the cashmere market, showing private and social costs and the private and social equilibrium.
2. Formulate an economic prediction about the cashmere market. ]]> 2018-09-14 23:16:26 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281557185 Externalities in the cashmere market. lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/281557213 2018-09-14 23:16:40 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/281557213 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284175641 2018-09-20 23:48:17 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284175641 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284175992 2018-09-20 23:50:37 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284175992 Cashmere Market Externalities https://padlet.com/lray8/jy6g4xp6zggc/wish/284176165 2018-09-20 23:52:06 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284176165 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284176445 2018-09-20 23:54:04 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284176445 Cashmere Market https://padlet.com/lray8/jy6g4xp6zggc/wish/284176594 2018-09-20 23:55:13 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284176594 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284389482 2018-09-21 14:18:20 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284389482 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284389621 2018-09-21 14:18:36 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284389621 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284389962 Today More and more businesses are “digitizing” and moving to online to find more ways interact with consumers through online platforms and devices and are changing how they organize themselves. With digital platforms developing businesses must promote their brand name and provide an experience to consumers that works with why devices such as computers and mobile devices made digital platforms possible. the drive to increase the capability of technology going to completely reinvent the idea of what a “business” looks like as businesses try to accommodate the desire for their consumers to interact more digitally with the world around them.]]> 2018-09-21 14:19:20 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284389962 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284391490

Hypothesis: As the world keeps advancing we will run out of materials, and there will be a catastrophic crash in the economy.

]]> 2018-09-21 14:22:26 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284391490 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284392556 2018-09-21 14:24:13 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284392556 Why Coffee Shortages Won’t Change the Price of Your Frappuccino lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284657425 2018-09-22 17:34:49 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284657425 The world is running out of coffee — here's why lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284657554 2018-09-22 17:36:13 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284657554 Will new studies push demand for coffee to a record? lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/284657639 Coffee is an international crop. The top five coffee-exporting nations are Brazil, Vietnam, Colombia, Indonesia, and Ethiopia. In these nations and others, 20 million families depend on selling coffee beans as their main source of income. These families are exposed to enormous risk, because the world price of coffee bounces up and down. For example, in 1993, the world price of coffee was about 50 cents per pound; in 1995 it was four times as high, at $2 per pound. By 1997 it had fallen by half to $1.00 per pound. In 1998 it leaped back up to $2 per pound. By 2001 it had fallen back to 46 cents a pound; by early 2011 it went back up to about $2.31 per pound. By the end of 2012, the price had fallen back to about $1.31 per pound.

The reason for these price bounces lies in a combination of inelastic demand and shifts in supply.
The elasticity of coffee demand is only about 0.3; that is, a 10% rise in the price of coffee leads to a decline of about 3% in the quantity of coffee consumed. When a major frost hit the Brazilian coffee crop in 1994, coffee supply shifted to the left with an inelastic demand curve, leading to much higher prices. Conversely, when Vietnam entered the world coffee market as a major producer in the late 1990s, the supply curve shifted out to the right. With a highly inelastic demand curve, coffee prices fell dramatically.

]]> 2018-09-22 17:37:23 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/284657639 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/285578436 Module 4

Assume, Disney just raised its 3 day 3 park pass from $110.00 to $121.00. Sales fell from 4,000 per week to 3,000 per week.

1. Calculate the price elasticity of demand using the arc elasticity of demand formula.

2. Is demand elastic or inelastic? Why?

3. Did Disney management do the right thing? Why?

4. What should they do next?

(Hint – look at revenues)

5. Provide and analyze actual data on Disney prices for the current year.

]]> 2018-09-25 15:10:15 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/285578436 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/285696231 2018-09-25 17:45:18 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/285696231 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/289644925 We have hypothesized that nuclear risk is significantly inversely related to the distance from residences to nuclear power plants and that the level of life satisfaction of residents therefore increases with the distance. We empirically explore the relationship between Ulsan citizens’ life satisfaction levels and the distance between their residences and the Kori and Wolsong nuclear power plants (NPP) based on the life satisfaction approach (LSA)]]> 2018-10-05 14:36:40 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/289644925 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/289645132 We have hypothesized that nuclear risk is significantly inversely related to the distance from residences to nuclear power plants and that the level of life satisfaction of residents therefore increases with the distance. We empirically explore the relationship between Ulsan citizens’ life satisfaction levels and the distance between their residences and the Kori and Wolsong nuclear power plants (NPP) based on the life satisfaction approach (LSA)]]> 2018-10-05 14:36:53 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/289645132 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/289645561 We have hypothesized that nuclear risk is significantly inversely related to the distance from residences to nuclear power plants and that the level of life satisfaction of residents therefore increases with the distance. We empirically explore the relationship between Ulsan citizens’ life satisfaction levels and the distance between their residences and the Kori and Wolsong nuclear power plants (NPP) based on the life satisfaction approach (LSA)]]> 2018-10-05 14:37:21 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/289645561 Pricing Pollution PPT https://padlet.com/lray8/jy6g4xp6zggc/wish/304889457 2018-11-15 16:32:43 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/304889457 snowtaylor https://padlet.com/lray8/jy6g4xp6zggc/wish/305025616 Scarcity Essay]]> 2018-11-15 20:43:09 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305025616 Housing Market https://padlet.com/lray8/jy6g4xp6zggc/wish/305056436 2018-11-15 22:23:14 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305056436 W bladerm https://padlet.com/lray8/jy6g4xp6zggc/wish/305068234 2018-11-15 23:25:17 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305068234 Google is a Digital Monopoly bladerm https://padlet.com/lray8/jy6g4xp6zggc/wish/305068235 2018-11-15 23:25:18 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305068235 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305072608 2018-11-15 23:52:22 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305072608 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305072699 2018-11-15 23:52:52 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305072699 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305072796 2018-11-15 23:53:31 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305072796 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305075366 2018-11-16 00:09:20 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305075366 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305075430 2018-11-16 00:09:48 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305075430 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305075568 2018-11-16 00:10:32 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305075568 https://padlet.com/lray8/jy6g4xp6zggc/wish/305075632 2018-11-16 00:10:53 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305075632 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305076213 2018-11-16 00:14:37 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305076213 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305077661 2018-11-16 00:24:54 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305077661 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305079852 2018-11-16 00:34:34 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305079852 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305082417 2018-11-16 00:48:25 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305082417 NewSpace Economics https://padlet.com/lray8/jy6g4xp6zggc/wish/305110727 2018-11-16 03:39:13 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305110727 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305323727 2018-11-16 16:14:33 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305323727 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305324068 2018-11-16 16:15:12 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305324068 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305324521 2018-11-16 16:15:53 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305324521 lray8 https://padlet.com/lray8/jy6g4xp6zggc/wish/305324760 2018-11-16 16:16:22 UTC https://padlet.com/lray8/jy6g4xp6zggc/wish/305324760