I attended a film at uni called A New Economy. My fav part was the focus on robots and open source. The urban gardens were also enjoyable.
A New Economy part two. Mostly notes from the film.
In ECON100 we learnt about dead weight loss and how you get more if tax is applied to certain items rather than everything. GST.
Elasticity is the responsiveness to react to changes.
elasticity of supply is usually larger in long run. More flexible.
The question was to list the factors that make demand for a good more elastic.
These are the factors.
In class we looked at deadweight lose and sex workers.
Min wages and a few tips for the test this week.
Looked at poachers and rhinos. Farm a little of the rhinos horn every year - it grows back and helps increase the supply so price is lower and less likely to rhinos to be killed.
Tax and the affect it has on supply
Different prices of corn - 5, 4, 3. elastic - 10, 13, 18 demand. inelastic - 10, 11, 12.
A landscape. No life drawing this week.