Mar 17, 2024
Econ Live: Steam By: Yuvraj Chera (53672029) Matthew Stank (94688618)
Matthew Stank ID#94688618
Yuvraj Chera ID#53672029
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Econ Live: Steam By: Yuvraj Chera (53672029) Matthew Stank (94688618)
Matthew Stank ID#94688618
Yuvraj Chera ID#53672029
Competitive Market and Business Choice.
Name: Shubing Zhou
ID: 52531404
Starting from the pandemic, people’s demand for services and goods has increased. Due to the impact of the pandemic, many restaurants shut down because of the negative profits they experienced. This has led to a problem in my hometown; there are not enough restaurants to meet the demand for dining out. For the businesses that survived the pandemic, they now have lines of customers on a daily basis. This has attracted more businesses to try to open restaurants in this city. My family is one of them, attracted by the opportunity to open a restaurant due to the significant profits brought about by the post-pandemic influence.
My mother, as the restaurant owner, decided to establish this as a breakfast restaurant, the first and only restaurant around the neighborhood. She discovered numerous job opportunities in the vicinity, and the locals had a penchant for having breakfast before heading to work. Given that my family already owned the premises and didn't need to pay rent to start this venture, the fixed costs were significantly lower. In light of this advantage, my mother opted to set menu prices similar to those of another breakfast spot in a nearby city, although is slightly higher. With no competition around the area, it makes this breakfast place popular and most people would still come even after slight price increases. Since the breakfast market in this city is limited, customers faced with the choice between driving 30 minutes to a neighboring restaurant or paying slightly more at our location generally opted for the latter. For many workers in the area, the opportunity cost of traveling to a distant breakfast place outweighed the extra expense at our store. Consequently, they preferred to stay and have breakfast at my mother's establishment.
However, even though this is a free market, my mother wasn't the only one who recognized the profitability of operating a breakfast place in the city. After three months, a new breakfast establishment opened just three blocks away from my mother's restaurant. Consequently, the market became competitive, with customers selecting their breakfast spot based on price. The two businesses now compete on menu prices, with the one selling at a lower price attracting more demand from customers and making more money. Initially, my family managed to earn a profit from the business because their prices were higher than the average total cost. However, with the entry of another firm into the market, they began to engage in price competition, driving prices down close to our average total cost for daily operations. After four months of competition, my family found themselves operating the business at a zero-profit line, where sales generated no profit for us. Despite this, my family chose to persevere, hoping that another business might exit the market. Nearly a year later, more breakfast places had opened in the city, and most were selling at similar prices. By this time, the breakfast market had become a free market where individuals cannot impact the market price. However, due to inflation in ingredient costs, my family was now experiencing negative profitability from the business. Another two months later, my family made the decision to close down the business because they couldn't find a way to cover the costs of inflation or compensate for the loss of customer demand if they raised prices for breakfast. The opportunity cost of exiting the market includes the potential future gains of the business and the equipment costs invested in the store if those haven't been recouped by the time of closure. On the other hand, if they choose to continue operating, the opportunity cost becomes the potential negative profit they might incur and the monthly operational expenses of the business. My family's decision serves as a clear illustration of the workings of a free market, where if the incurred losses outweigh the potential profits of sustaining the business, exiting the market becomes the rational choice. Consequently, the market ends up populated only by businesses earning zero or positive profits.
Economics in Mahjong
Tuesday @ 8PM Discussion
Hello everyone!
Josh, Nathan, Jack, and I worked together for our Econ Live and decided to write about how economics plays a role in Mahjong. As Mahjong is something that we have all fell in love with this past quarter, we had lots of fun working on this project!
Here is the link to our Econ Live Project:
https://docs.google.com/document/d/1tIiQyyWuwy90cggpN35vaZcCTi3KYDDHrl1nALP-0bc/edit?usp=sharing
Name: Joshua Micah Sullivan (205/7887)
Name: Nathan Henry Ong (76719148)
Name: Jack Carver Wing (38178824)
Name: Leo Yan-Git Siu (14259367)
Supply and Demand (Anteatery!)
Supply and Demand (Anteatery!) By: Pranay Macherla Student ID: 58662154 Winter 2024 Econ 20A Professor Branch
Hello! For my Econ Live Project, I decided to analyze the impacts of supply and demand in the anteatery. Through interviewing various students and conducting market research, I was able to understand how supply and demand affect the Anteatery! :)
Pranay Macherla
Student ID: 58662154
Discussion Time: Tuesday 8:00PM
Amazingly Simple Graphic Design Software – Canva
Katrina Canlas
ID: 77954469
Mon 2 - 2:50
Hello everyone. I take my son to preschool everyday and currently, he really likes nursery rhymes. The Wheel On The Bus is his favorite, which means I have to play it a lot in the car, which then means that the song gets stuck in my head. I was thinking about this project while driving him to preschool and I guess the two things merged together. I changed the lyrics to The Wheel On The Bus to reflect some of the principles of microeconomics that I use in my daily life. I am not a good singer, so I forced my husband to sing what I wrote. These are the lyrics:
Incentive is something that makes people act. This concept, is not abstract. I use it everyday with my two brats. All day long! Whenever they do things they're supposed to do. Say thank yous, homework too. They get tickets in which they choose to. Trade for loot! Now my kids to not have to fight. They compromise, and specialize. Trade has made us better off. In my eyes. There's no such thing as free lunch. Trade tickets, for fruit punch. You want new stuff but can't pay up. That's credit crunch. The fancy toys cost a fortune. This is a, situation. For my kids to think about. The margin. At days end I am their mom. So I help, fix outcomes. Which makes me the government. I hope I don't fail.
Wei Sun Chiu
ID: 80164694
Monday Section: 2.00-2.50PM
I take my son to preschool everyday and currently, he really likes nursery rhymes. The Wheel On The Bus is his favorite, which means I have to play it a lot in the car, which then means that the song gets stuck in my head. I was thinking about this project while driving him to preschool and I guess the two things merged together. I changed the lyrics to The Wheel On The Bus to reflect some of the principles of microeconomics that I use in my daily life. I am not a good singer, so I forced my husband to sing what I wrote. These are the lyrics:
Incentive is something that makes people act. This concept, is not abstract. I use it everyday with my two brats. All day long! Whenever they do things they're supposed to do. Say thank yous, homework too. They get tickets in which they choose to. Trade for loot! Now my kids to not have to fight. They compromise, and specialize. Trade has made us better off. In my eyes. There's no such thing as free lunch. Trade tickets, for fruit punch. You want new stuff but can't pay up. That's credit crunch. The fancy toys cost a fortune. This is a, situation. For my kids to think about. The margin. At days end I am their mom. So I help, fix outcomes. Which makes me the government. I hope I don't fail.
Wei Sun Chiu
ID: 80164694
Monday section 2:00-2:50PM
Amazingly Simple Graphic Design Software – Canva
Hello! My slideshow is about comparing the price difference between two cities near by.
Name: Xilan Yu
ID: 77717600
Discussion: Tuesday 8PM