MIEC Final Solution TA22 (Dawn, Jia Yi, Santhiya, Shi Hui, Anika) by Dawn Ng https://padlet.com/dawnngte10/y1gt7g4rftas en-us 2016-05-18 16:49:07 UTC 2022-06-02 05:34:38 UTC hello@padlet.com 3. It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut (excess) after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy?  (Hint: consider the price elasticity of demand for tomatoes) dawnngte10 https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111690494 Dawn: Availability of substitutes and Time Period. This is because the greater the number of substitutes, from planting flowers to tomatoes, the more price elastic the demand for tomatoes. Also, it is broadly defined and there is a greater time period given, causing the price elasticity of demand for tomatoes to be more price elastic as well. 
In my opinion, since only some of the farmers switched from flowers, which is broadly defined which makes it inelastic since flowers have many types, to tomatoes which is narrowly defined which makes it elastic since tomatoes have many substitutes such as brocolli and cabbage, this makes tomatoes more price elastic.]]> 2016-05-19 15:25:26 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111690494 3.  It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy ?  (Hint: consider the price elasticity of demand for tomatoes) kattesanthiya https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111715598 SANTHIYA JAYAKUMAR:  
. The price elasticity of demand for tomatoes is more price elastic.
. Availability of substitutes because tomatoes are narrowly defined as compared to flowers which is broadly defined. Therefore, tomatoes which have a greater number of substitutes available to consumers, the more price elastic the demand for tomatoes than flowers.
Also, necessity vs luxury. Tomatoes is considered a luxury while flowers is considered a necessity. Hence, demand for tomatoes will be more price elastic.
]]> 2016-05-19 17:08:57 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111715598 3.  It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy ?  (Hint: consider the price elasticity of demand for tomatoes) kattesanthiya https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111716284 SANTHIYA JAYAKUMAR:

points that I think can be used to explain why using previous chapters:

. Since, there was a surplus, it means that the quantity supplied exceeded the quantity demanded. Hence, the farmers have plant more tomatoes which some consumers are not much willing and able to buy. Due to vegetable glut, the price decreases, buyers will buy more, and sellers will sell less. 
. Also, the price of selling flowers is more costly than the price of selling tomatoes. As such, although the farmers have planted a lot of tomatoes, their income they earn will be lesser than what they sold for flowers.]]> 2016-05-19 17:12:14 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111716284 3. It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy ?  (Hint: consider the price elasticity of demand for tomatoes)   anika992010 https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111719256 Anika:

- As more farmers are selling tomatoes now, the production for it increases and there's more competitions among the farmers. Therefore, farmers would sell tomatoes at a cheaper price to stand out and get more customers to buy from them. Therefore, the price is elastic. 
- Availability of  Substitutes, because after switching from flowers to tomatoes, tomatoes will have many other vegetables like lettuce and cabbage as substitutes. However, flowers have lesser substitutes. Therefore, the greater number of substitutes available to consumers, the more price elastic the demand for a good will be. ]]> 2016-05-19 17:26:44 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111719256 3. It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut (excess) after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy?  (Hint: consider the price elasticity of demand for tomatoes) dawnngte10 https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720061 FINAL SOLUTION:
The price elasticity of demand for tomatoes is  more price elastic.

]]> 2016-05-19 17:30:39 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720061 INDIVIDUAL ANSWERS: kattesanthiya https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720460 2016-05-19 17:32:31 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720460 FINAL SOLUTION: kattesanthiya https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720872 2016-05-19 17:34:25 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720872 3. It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut (excess) after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy?  (Hint: consider the price elasticity of demand for tomatoes) kohhhshihui https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720919 SHIHUI: availability for substitutes
Since flowers are broadly defined, it is generally inelastic. However, tomatoes are narrowly defined and tomatoes have more substitutes, hence it is relatively more elastic. 

]]> 2016-05-19 17:34:42 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720919 3.    It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy ?  (Hint: consider the price elasticity of demand for tomatoes)   https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720935 JIAYI 
-       As they made a switch from flowers to tomatoes, there are more tomatoes produced now, resulting in vegetable glut. 
-       Vegetable glut meaning a surplus in production of tomatoes, which causes the price of tomatoes to drop, quantity demanded increases, total revenue drop.
-       Farmers feel unhappy because if they continue to sell flowers, there will not be a vegetable glut, consumers will purchase flowers and tomatoes respectively.
-       If they continue to sell flowers, the production of tomatoes are limited, thus the price of tomatoes increase, total revenue increase.
-       Thus, in this case, the demand is price elastic.
 
]]> 2016-05-19 17:34:48 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111720935 Link related to question anika992010 https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111732079 Anika: https://sg.answers.yahoo.com/question/index?qid=20101125060734AAtH7no]]> 2016-05-19 18:20:07 UTC https://padlet.com/dawnngte10/y1gt7g4rftas/wish/111732079