West Los Angeles College Supply and Demand Economics Discussion
West Los Angeles College Supply and Demand Economics Discussion
Supply and Demand linkGoal
Explain the assumption of rationality by individuals and firms and scarcity economic agents always face.
Instructions
Respond to the following prompts in a post with a minimum of 200 words.
Brainstorm common items that you think consumers pay too much for or that you think are overpriced (i.e. movie theater popcorn, brand name items, souvenirs,, etc.). Now think of something more specific, either something that you or someone who know has purchased. For example, I know someone with a baby who was traveling and purchased a small pouch of baby food for $12.00, when even more baby food could have been purchased in a jar for around $6.50.
Write about your example, then try to use the principles youve learned about (like scarcity, opportunity cost, rationality, and marginal analysis) to explain why a person would make the decision to purchase that good.
2. Goal
Evaluate market forces: supply and demand.
Initial Discussion Post
Respond to the following prompts in a post with a minimum of 200 words.
Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Briefly explain. No need to use/include graph in your post.
(Optional) Find a relatively recent news article to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Summarize the article and its findings, then include the URL in your discussion post.
3. Goal
Analyze labor markets and the minimum wage.
Initial Discussion Post
Respond to the following prompts in a post with a minimum of 200 words.
Suppose that a 20% increase in the minimum wage is proposed.
How would this affect employers and how would it affect workers?
In your opinion, would this be a good policy?
Do you support or oppose raising minimum wage?
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