The Dish on Supply

This wonderful March week, we delved into the topic of supply! The crazy thing is is that you would think there is a huge difference between supply and demand, when in reality, they are similar in the opposite way... okay, that might sound confusing, but it makes sense! I mean think about it: Demand is from the consumer's point of view while supply is from the producer. Consumer and producer go together just as demand and supply go together. Simple! Moving on, we did cool things like supply schedules, we drew some, and we got to draw some awesome scooters! I mean, I do think that our Armani scooter was the best, but hey. We really sold it :) The 10 questions were interesting when I made them, and I think that it really helped me to study for exams next week. I enjoyed this week and the discussions of supply with all the different cost, margins, and all that cool stuff. It took me a while to memorize the different things (i.e. variable + fixed = total cost and total revenue - total cost = profit). Filling in all the charts was so confusing at the start and then after doing 20935 of them, I think I got it! I am really prepared for this midterm, I feel like. Hopefully my grade will reflect it! Good luck, my fellow classmates! :)

Demand, Elastic, Quantity... Confusing? Maybe a Little.

This week we actually had a whole week of school! It was surprising. We got to finish up our ad campaign for wednesday's class. My group ended up winning, which was awesome :) I enjoyed making these and thought that they were a good experience in order to fully understand the way that the major 6 factors of demand change the quantity demanded of certain products. For our ads, the increase in demand meant increase in tourism and visitors, even residents. We wrote our essay reflecting on our ads and I think that I explained myself pretty thoroughly. Aside from the projects, we continued to look at different elastic and inelastic products in the market and how when the price changes, the demand either changes widely (elastic-- like a rubber band that stretches) or changes minimally (like a stiff rubber band that breaks and is old that no one likes). The demand curves and schedules were put into practice many of times to find out how price affects the quantity demanded. We also practiced the equation to figure out elasticity, which at first was a little intimidating, but I think we all got the swing of it. I am feeling a little anxious for the quiz today, because I sometimes get terms confused, especially when it comes to "quantity demanded" or just demand in general... like something just doesn't click for me in there kind of. But I think I can get it down by the time third block comes around on Friday! Good luck to everyone on the quiz!

Slow Week, But Fun!

This week was awesome, relaxing, refreshing... every good word made in the dictionary! Monday AND Tuesday we didn't have school, and we got to enjoy the snow/ice storm. Just kidding, I hate snow and ice. But when we returned on Wednesday, we covered some notes and we went over demand curves, demand schedule, and the law of diminishing marginal utility. All of these were tied in together and they made a lot more sense once they were put into perspective with examples. The way that the quantity demanded of a certain material and the price vary is interesting and is described in the law of diminishing marginal utility. I found it quite fun! Even though Mrs. Weser doesn't like Ramen... Sad :( But yeah and then Thursday, we just had a short quiz which I am pretty sure I aced! We went over some more notes that we were assigned to view over the snow break and those were pretty simple. We discussed the different things that can effect demand. Overall, it was a great week. I am excited to continue with the advertisements that we have just started. GO WESERVILLE!