Minimum Wage

I think that we should get rid of minimum wage. People that have businesses are willing to pay employees what they want to a certain point and I think that some minimum age jobs should get paid more and some should get paid less. for an example I think that my current job at postal connection, I should get paid less because I am not doing much work at all, I'm just getting paid to be there and help out the very few people that come in the door. I'm not saying that I want to get paid less but I would settle for maybe $6.50 an hour. Other jobs that have employees running around and always doing hard work I think that they should get paid more to at least $10.00 per hour because they are working harder vs me just sitting around doing hw and waiting for people to come in the door. Bottom line is I think that they should get rid of minimum wage and that the owner/manager must decide on how hard the job is and how much you can get paid.

Price Floor

I think that putting a price floor on goods and services is a good thing. an example of putting a price floor on a product is a car if the price is high on it then people will not be happy and they will complain about the price.If the price is too low people will buy the product but you will have a low profit margin. By putting a price floor on the product, this allows people to have to buy at a certain price to buy or higher, which meets both supply and demand needs for the producer and the consumer.

price ceilings blog

I think that the government should not put have any price ceilings. When the market price is at an equalibrium, the supply and demand meet. I think that we should not have a price ceiling because it limits people to make their full potential. It messes up with the system and people are not satisfied with what happens. By putting a ceiling price on, this will make the producer have left over product and is unable to sell all of the product.

October 17&18 blog

demand headlines

 Demand

1. complementary demand: Usain Bolt tries out for football and gets put on an NFL team, jerseys and football sales sky rocket.
2. substitute demand: All the computers in the world break, everyone switch to books for infomation and ipad sales increase as well.
3. e l a s t i c demand: Soda sales are lowered to 5 cents a liter, soda demands go up and sales rise as well.
4. inelastic demand: toilet paper rises to $20.00 a roll, people crap themselves but they still buy it.

Headline:
 TOILET PAPER ROLLS RISE UP TO $20.00 A ROLL!!!!!!!!!!! :O :O :O :O :O :O :O  


Toilet paper rolls increase to $20.00 a roll because a major forest fire destroys  all of the trees in alaska and the toilet paper companies that need those trees are running low on supplies and inorder to stay profitable they must raise their price on toilet paper because of the few trees left in alaska. There still is a subsitute demand: (leaves) but the people refuse to use sand paper so everyone wants real soft toilet paper. In a way in this situation, toilet paper is an inelastic product and no matter how high the price of toilet paper rises people will still want to buy it; maybe not as much in bulk but they will still want to use it over leaves. In a few weeks the government makes an agreement with the toilet paper companies and they decide to use the trees in oregon for new production and hopfully in 5 weeks toilet paper prices will go down and will soon be baack to normal.

 Writer; Justin Brown

inelastic and elastic blog

Demand Wrap up Blog

Demand finale blog

what i have learnd in this unit was very useful and understanding. The subject that i got the most out of was inelastic and elastic demand. inelastic demand are items that you must buy and elastic items are items that you don't need and are willing to subsitute items in for it. I learned that items like: bread, milk, and gasoline are inelastic items and the majority of people will buy those items when the price goes up or down. Products that are elastic such as: pop tarts, coffee, and chips are elastic because you can subsitute other items for them. A question that i have about inelastic and elastic demand is how far will people go as far as subsitute products before they don't want to buy them; and also how high will the price of an inelastic item go until people will not buy the product at all.

Blog entry 4

This graph is based on cell phones and the higher price the phone is the lower the demand. the lowest costing phone would be $100 and the highest costing phone would be $500.