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Wikis
Elasticity
Do You Wonder? Q: How does elasticity of demand push producers to make products differently(variations) to stand out from the competition over time? Let’s go to grocery stores at a different time, the 80s vs Today. vs. vs Q: Using your knowledge of the determinants of elasticity, explain why the demand for smartphones is…
Microeconomics
Welcome to Principles of Microeconomics, the scientific study of the choices made by individuals and societies in regard to the allocation of scarce resources. This course delves into the core principles of economic analysis, exploring how these principles apply to everyday decisions made by consumers, firms, and governments. You will learn about the intricate dynamics…
Amartya Sen: A Life Dedicated to Understanding Poverty and Inequality
Amartya Kumar Sen’s remarkable journey from his birthplace on a university campus in Dhaka, British India (now Bangladesh), to becoming a Nobel laureate in economics, is a testament to his profound influence on modern economic and social theory. Early Life and Formative Experiences Sen’s childhood experiences played a crucial role in shaping his future academic…
Singapore’s Innovative Approach to Traffic Management and Pollution Control
Singapore’s response to traffic congestion and pollution through the use of electronic road pricing (ERP) is a pioneering example of applying economic principles to urban planning and environmental management. This case study offers valuable insights into how a small, densely populated city-state addressed these universal urban challenges. Contextualizing Singapore’s Traffic Issues Prior to the implementation…
Price-Gouging Laws and Consumer Welfare: An Economic Analysis
The issue of price-gouging during emergencies, such as hurricanes, raises important questions about market dynamics, consumer welfare, and the role of legislation in regulating prices. The implementation of price-gouging laws, especially in states prone to natural disasters like hurricanes, aims to protect consumers from exploitative pricing during times of crisis. However, the economic implications of…
Two-Buck Chuck: A Revolution in the Wine Industry
The story of Two-Buck Chuck, the affectionate nickname for the Charles Shaw wine brand, is a fascinating tale of market dynamics, consumer behavior, and strategic business decisions in the wine industry. The Californian Wine Boom and its Aftermath The 1990s saw a remarkable boom in the Californian wine industry, putting its vineyards on the global…
Tokyo Disneyland: Economic Demand and Theme Park Dynamics
Tokyo Disneyland, since its opening in 1983, has become a case study in the dynamics of economic demand and supply, especially within the theme park industry. Its consistent crowd, even during off-peak seasons like winter, offers intriguing insights into consumer behavior and market forces. Understanding the Crowds: Demand Outstripping Supply The phenomenon of long lines…