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Offlinecoda
Banjo Goiter
Male

Registered: 03/20/01
Posts: 8,750
Last seen: 10 months, 3 days
Why i love my new econ proffessor.
    #5843276 - 07/10/06 04:52 PM (17 years, 6 months ago)

Not only does this man teach econ in the right way, make the class at least somewhat interesting, but today i found another reason why i like him so much. Doing my online assignment for the day i happened upon this question in my unit.



Needless to say i got a good laugh (and answered it correctly). One of my friends says he spends a whole week on the black market and its effects on supply and demand in the economy. In macro we talked about the black market for about a minute before moving on, should be a pretty interesting few days when we reach that point.


--------------------
To get really high is to forget yourself. And to forget yourself is to see everything else. And to see everything else is to become an understanding molecule in evolution, a conscious tool of the universe. And I think every human being should be a conscious tool of the universe. . . .

-JG

i really am glad you came back to us instead of taking the other path. *hug*

-A_S (RIP your final words to me will never be forgotten)



Don't fuck with the laughing jesus.


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Offlinecoda
Banjo Goiter
Male

Registered: 03/20/01
Posts: 8,750
Last seen: 10 months, 3 days
Re: Why i love my new econ proffessor. [Re: coda]
    #5843285 - 07/10/06 04:53 PM (17 years, 6 months ago)

Note: if the words are too small click on the picture to enlarge it. Do this while saying the word "enhance" in your best imitation of the scene from blade runner.


--------------------
To get really high is to forget yourself. And to forget yourself is to see everything else. And to see everything else is to become an understanding molecule in evolution, a conscious tool of the universe. And I think every human being should be a conscious tool of the universe. . . .

-JG

i really am glad you came back to us instead of taking the other path. *hug*

-A_S (RIP your final words to me will never be forgotten)



Don't fuck with the laughing jesus.


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OfflineClammyJoe
Azurescen Head
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Registered: 11/03/05
Posts: 3,691
Loc: PNW
Last seen: 11 years, 1 month
Re: Why i love my new econ proffessor. [Re: coda]
    #5843297 - 07/10/06 04:54 PM (17 years, 6 months ago)

C!


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InvisibleCorporal Kielbasa

Registered: 05/29/04
Posts: 17,235
Re: Why i love my new econ proffessor. [Re: coda]
    #5843309 - 07/10/06 04:57 PM (17 years, 6 months ago)

I would also say c. But could it be B?


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Offlinecoda
Banjo Goiter
Male

Registered: 03/20/01
Posts: 8,750
Last seen: 10 months, 3 days
Re: Why i love my new econ proffessor. [Re: ClammyJoe]
    #5843321 - 07/10/06 04:59 PM (17 years, 6 months ago)

Yup, although technically, me being a pothead, id say that the equilibrium price would drop as well. If you use the current prices for an oz of marijuana (lets just say 300 bucks) an obvious increase in the amount supplied coupled by the legalization would ultimately lead to lower prices. Couple that with an extreme raise in demand for the product and it lowers the price even more.

However since this knowledge didn't apply to the question i had to choose c. :P


--------------------
To get really high is to forget yourself. And to forget yourself is to see everything else. And to see everything else is to become an understanding molecule in evolution, a conscious tool of the universe. And I think every human being should be a conscious tool of the universe. . . .

-JG

i really am glad you came back to us instead of taking the other path. *hug*

-A_S (RIP your final words to me will never be forgotten)



Don't fuck with the laughing jesus.


Edited by coda (07/10/06 05:00 PM)


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InvisibleCowgold
Bullshit

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Registered: 04/04/05
Posts: 12,486
Loc: .
Re: Why i love my new econ proffessor. [Re: coda]
    #5843337 - 07/10/06 05:03 PM (17 years, 6 months ago)

Quote:

coda said:
Yup, although technically, me being a pothead, id say that the equilibrium price would drop as well. If you use the current prices for an oz of marijuana (lets just say 300 bucks) an obvious increase in the amount supplied coupled by the legalization would ultimately lead to lower prices. Couple that with an extreme raise in demand for the product and it lowers the price even more.

However since this knowledge didn't apply to the question i had to choose c. :P


heightened demand raises the price... Higher supply will lower the price.

Definately C.


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OfflineClammyJoe
Azurescen Head
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Re: Why i love my new econ proffessor. [Re: coda]
    #5843346 - 07/10/06 05:05 PM (17 years, 6 months ago)

Gosh, drugs are fun


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Offlinecoda
Banjo Goiter
Male

Registered: 03/20/01
Posts: 8,750
Last seen: 10 months, 3 days
Re: Why i love my new econ proffessor. [Re: Cowgold]
    #5843363 - 07/10/06 05:09 PM (17 years, 6 months ago)

no you're wrong on that. Heightend demand does not raise the price. An extreme raise in supply will raise the price but the people wont buy much of anything above the equilibrium point.

If you know how to graph a demand curve do it. Since a demand curve is negatively sloped the highest price on the y axis will produce a quantity of zero items bought. As you moved down the y axis the quantities demanded increase on the x.

However rereading my post i notice i just said quantity and not quantity demanded. Two different things and you would be right in that aspect.


--------------------
To get really high is to forget yourself. And to forget yourself is to see everything else. And to see everything else is to become an understanding molecule in evolution, a conscious tool of the universe. And I think every human being should be a conscious tool of the universe. . . .

-JG

i really am glad you came back to us instead of taking the other path. *hug*

-A_S (RIP your final words to me will never be forgotten)



Don't fuck with the laughing jesus.


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InvisibleCowgold
Bullshit

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Registered: 04/04/05
Posts: 12,486
Loc: .
Re: Why i love my new econ proffessor. [Re: coda]
    #5843378 - 07/10/06 05:13 PM (17 years, 6 months ago)

Demand = Consumers buying it. the price will rise, no graph needed.

If supply exceeds demand the price will drop. If demand exceeds supply the price rises.


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Offlinecoda
Banjo Goiter
Male

Registered: 03/20/01
Posts: 8,750
Last seen: 10 months, 3 days
Re: Why i love my new econ proffessor. [Re: Cowgold]
    #5843398 - 07/10/06 05:16 PM (17 years, 6 months ago)

right, reread my post man, i noticed i made a mistake in my wording. There is a huge difference between demand and quantity demanded. I wanted to use the latter but slipped and used the former.

It's all good tho, i fucking hate econ and can't wait to get finished with it.


--------------------
To get really high is to forget yourself. And to forget yourself is to see everything else. And to see everything else is to become an understanding molecule in evolution, a conscious tool of the universe. And I think every human being should be a conscious tool of the universe. . . .

-JG

i really am glad you came back to us instead of taking the other path. *hug*

-A_S (RIP your final words to me will never be forgotten)



Don't fuck with the laughing jesus.


Extras: Filter Print Post Top
InvisibleCowgold
Bullshit

Folding@home Statistics
Registered: 04/04/05
Posts: 12,486
Loc: .
Re: Why i love my new econ proffessor. [Re: coda]
    #5843427 - 07/10/06 05:22 PM (17 years, 6 months ago)

I like it alot... I've never taken any classes, but it's business the way I see it.  It's fascinating to me.

That professor does sound really cool, btw. :thumbup:


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Invisibleeligal
Noobie

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Registered: 05/25/05
Posts: 7,021
Loc: California
Re: Why i love my new econ proffessor. [Re: Cowgold]
    #5843435 - 07/10/06 05:25 PM (17 years, 6 months ago)

you fascinate me :heart:


--------------------
\m/ Spanksta \m/

"do you have the freedom to do with your nervous system what you want?"

"MolokoMilkPlus said:
I'll respect you if you let me give you a blow job"

"tactik said:
respect the can."



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