This always happens to me at some point in Microeconomics....I just sometimes have hard time thinking finding things to blog about that would help to reinforce the relevance of the Theory of the Firm and perfect competition in general...I mean, how much can we talk about agricultural prices? True...ethanol, corn and tortillas are a pretty interesting topic...but then we just end up looking at supply and demand and we have been there, done that. So I am calling on you to give me some ideas...what could I be trolling the internet for? Topics, industries, issues etc?
I can't wait to get your advise!
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Ok this blog is really hard. The most interesting thing I found, to be honest, was an online game.
http://www.perfectcompetition.net/BusinessGame.html
In this multi-player game, you can do so much, i.e. choose markets, deal with suppliers, analyze 'profit and loss statements', and manage production. Seems like a perfect test run for running a business in perfect competition. I wonder how we would do in the game, if all our learning would pay off!
I'm still thinking about more serious topics, but check out the site, its pretty cool...
Well i found an article giving an example about perfect competition which can enhance our understanding on this topic.
http://www.jaytownley.com/the-bicycle-industry-competition
This article talks a little bit about how many people are leaving the milk industry and relates to an ogipoly market.
http://www.busrep.co.za/index.php?fSectionId=552&fSetId=662&fArticleId=3980205
http://www.henrygeorge.org/science/competition.htm
this website first introduces the different types of markets there are (monopoloy, oligopoly, etc) and then goes on to discuss whether perfect competition is possible in the world or not. It analyzes an example of perfect competition: the market for unskilled labor, which i found to be very interesting.
Umm, maybe you could blog about some youtube videos if there's no articles...
I don't knowwww
Hmm well this sort of relates to what tyler found..in TOK we were talkign about Second Life, this really wierd online parallel world. You can be any person you like and basically do anythign you want to do, but the interesting thing is that u operate with real money. They have this designated currency that actually has an exchange rate in reference to the dollar, and many many industries have opened their "virtual shops" in second life, where people can go and actually order the merchandise. So far, I think Adidas, American Apparel and a bunch of other companies have done this. Also, you can apaprently deal with virtual real esate, and some people actually made a lto of money. Also you can take online classes at universities like Harvard. It seemed quite interesting to me
I found an article about cars and elasticity. It wasn't a very good article, but it did mention that there is a huge range of prices and types. Some cars are made as luxuries, some are made environmental, and some are made more economic. The ranges of cars and pricing is a clear example of elasticity. This would be a good topic to discuss if we can find a better article!
Hey Guys,
Thanks for all of the ideas...I am glad to see you see how hard this concept is, luckily we are onto monopoly and this is so much easier!
I wanted to comment specifically to Luisa about Second Life. This has been a huge development and many economists are studing Second Life right now because it is an emerging market and they want to see how closely it adheres to the theories of economics, it is quite interesing! In fact last year, they had their first millionaire in Second Life.
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