https://padlet.com/xxzeref22xx/un4jp0nz2xd3 en-us 2017-12-27 12:54:09 UTC 2023-04-02 12:17:54 UTC hello@padlet.com xxzeref22xx https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218050478 - Durians from Malaysia were rumored to have high levels of insecticide. As a result, people were unsure if it was safe to eat Malaysian durians imported into Singapore.
- Thus, the demand for durians has dropped due to decreased number of buyers in market.
- Demand for durians drop, demand curve shifts left.
- Supply remains the same
- Thus when demand decrease, supply remains the same, Equilibrium Price and Equilibrium Quantity both decreases

-In response to these rumors, AVA assured customers that the durians are regularly inspected and sampled to ensure they comply with food safety standards and requirements. The durian farmers have also confirmed  that these rumors are false.
-As a result, people gained confidence in buying these durians again and the number of buyers in the market increased.
-Demand for durians increased, demand curve shifts right.
-Supply remains the same.
-Thus, when demand increased and supply remains the same,
Equilibrium Price and Equilibrium Quantity both increased

]]> 2017-12-27 13:04:35 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218050478 xxzeref22xx https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218051062 -Earlier this year, the harvest in Malaysia was poor because of wet weather conditions.
-As a result, farmers have to implement good drainage systems in order to grow durians.
-This led to increase in factor prices.
-Farmers less willing to sell at all price levels because of lesser profits.
-Hence, the supply decreases and the supply curve shifts left.
-Meanwhile, the demand remains the same.
-When the supply decreases and the demand remains the same,
Equilibrium Price rises while Equilibrium Quantity remains the same.

- Malaysia has increased supply of durians due to good harvest this year-end
- There is an increase in supply due to increased number of sellers.
- Supply of durians increase, supply curve shifts right
- Demand remains the same
- Thus when Supply increase, Demand remains the same, Equilibrium Price drops while Equilibrium Quantity increases.

-However, the article states that demand for durians in China is growing.
-There is increase in demand because of increase in number of buyers.
-This increased demand means the demand curve shifts right.
-With the increased supply of durians from Malaysia because of the good harvest, the number of sellers increased.
-The supply curve also shifts right.
-When the supply and demand both increase by the same amount,
Equilibrium Price remains the same and Equilibrium quantity increased.

]]> 2017-12-27 13:18:07 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218051062 s10174108 https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218101974 - Prices of Mao Shan Wang have increased by 40%, with two Mao Shan Wang costing $87
- One female customer stated that she will not buy Mao Shan Wang durians now as the prices are too high but she may buy some when the prices are cheaper.
- This shows that her demand for durians is price elastic. The reason for this may be because durians to her is more of a luxury, not a necessity. When a good is a luxury, the demand for it is more price elastic.
- However one customer disregarded the rise in prices and stated that he will still continue to buy. This shows that the demand of durians for him is more price inelastic
- One reason for this may be the small proportion of income spent on durians therefore the increase in price do not affect him much]]> 2017-12-28 12:44:58 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218101974 amndachoy https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218103122 1. Intro
2. Demand
3. Supply
4. Demand & Supply
5. Elasticity
6. Market Structure
7. Conclusion

Demand
Entire range of quantities that consumers are able and willing to buy at different prices, in a given time period, ceteris paribus.

Supply
Entire range of quantities that producers are able and willing to offer at different prices, in a given time period, ceteris paribus.

Elasticity
A concept used by economists to measure the responsiveness of the people to changes in economic variables such as changes in its own price or change in consumer income.

]]> 2017-12-28 13:12:51 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218103122 kaiyikid https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218177084 -There were heavy storms on Nov 4 and 5 resulting in more than 500 felled durian trees all over the state.
-This means many sellers lost their stock and there is a decrease in the number of sellers in the market.
-As a result, the supply curve shifts left.
-The heavy storms also caused destruction to property.
-People are poverty stricken as a result. This means there is a decrease in the general money income of the people in the market.
-As a result, the demand curve shifts left as well.
-When both the supply curve and the demand curve shifts left by the same amount,
Equilibrium Price remains the same while Equilibrium quantity drops.]]> 2017-12-30 08:30:39 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218177084 kaiyikid https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218177285 -During the Musang King Festival, some sellers had marked down the price to as low as RM30 per kilo for the Musang King Durian that can easily cost between RM70 and RM100 a kilo on a normal day.
-Since sellers usually do not mark down prices to make losses, we can assume that these sellers have increased total revenue after doing so.
-We can tell that the Musang King durians are price elastic because marking down the price increased total revenue of the sellers.
-This is because the percentage decrease in price is smaller than the percentage increase in quantity demanded. This can be seen from the large crowds coming to buy the durians because of the decrease in price in the article.
-The Musang King Durians are probably price elastic because it is a luxury good. In the article,  it is stated that most of the Musang King durians go to China and whatever is left will be very expensive. Hence, it is very rare for Malaysians to experience this durian type, making it a luxury good.]]> 2017-12-30 08:42:00 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/218177285 kaiyikid https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/221606733 Most durian farmers can only sell their durians at a fixed price as their products are homogeneous. From this, we can infer perfect competition.

]]> 2018-01-16 08:18:33 UTC https://padlet.com/xxzeref22xx/un4jp0nz2xd3/wish/221606733