Apply the week’s conceptual models to analyze how external factors affect the supply and demand curves. Select one of the following cases. Analyze the impact of these events on the markets, on the supply and demand curves, and consequently, prices and volumes:
Technological improvements related to cellphones.
The impact of the pandemic on the supply chain.
The impact of the war in Ukraine on commodities such as oil and grain.
The impact of raising taxes on tobacco.
Technological changes related to electric vehicles versus traditional cars in the car markets.
Increases in interest rates of mortgage loans on the real estate market.
You must explain how the supply and demand curves are affected: do they shift to the right or left? Do they change their slope? What happens with the new equilibrium prices and sales volumes? Do they affect the elasticity of the demand or supply?In the short term, did the curve shift or was there only slippage on that curve? If the curve shifted, did it shift to the right or to the left? As it shifted, was there a shortage or excess in quantities demanded/supplied? As a result, what happened to the equilibrium price? To the equilibrium quantity? Finally, you should copy the supply and demand model scenario that best illustrates your answers.
You should also explain your projections in the long run. What will happen in the long run with equilibrium prices and quantities? Explain why.
Smartphones market is a good example to show that the advances in technology that can reduce the input cost of production easily by shifts in a supply curve. In this 21st century, technology became advances that can improve the efficiency of production and this will cause the supply curve shift to the right. The lower the cost of production goes will affect the consumer demand more smartphones at the lower price. Changes in smartphones market can affect the demand of smartphones or can affect the demand for the product that are related. So, smartphones market will keep increase the demand for a new product and this will cause the older products become obsolete. Technology leads to an increase in the efficiency of the production process which results in the shifting of the supply curve to the right. With decreasing cost of production more and more customers will be demanding the product.
hold some truths. Language does influence thought and an individual’s perception to some extent. However, I do not believe that language governs thought to the point that an individual’s thoughts are bound by their language. Therefore, I support the weaker version of the Whorfian Hypothesis, Linguistic Relativism.
An example supporting my position is seen through my experience with my best friend who speaks English and Urdu. Whenever she asked me to turn off the lights in a room, she would say “shut the light.” I never truly understood why we had different terms for the same action even though we were speaking the same language. I also noticed this same trend with my other friends who spoke Urdu. When I got older, I realized that when they were learning English they did not have a direct translation in Urdu for the term “turn off” so instead they would use the word “shut.” Although they did not have one particular word or phrase for the English phrase “to turn off” does not mean that they were unable to conceive the thought for completing the action of turning off the lights in a room. If this were the case my friends would have had a very expensive power bill. Another example that proves that language can not completely determine thought is seen in George Orwell’s dystopian novel, 1984. In this book, George Orwell explores the concepts of the Whorfian Hypothesis through the creation of the language “Newspeak.” Newspeak was created by the Party members with the intention to control the speaker’s thoughts and perceptions. As I began to think about Linguistic Determinism, I immediately thought of 1984. In the novel, the Party diminishes the vocabulary so that individuals would be forced to limit the ideas they are capable of formulating and reduce their thoughts to simplistic terms. If this idea were to hold true, people whose language does not have a word for a particular thought would not be able to formulate or express their thoughts in any way. Another example is seen through my knowledge of the English and Spanish languages. The Spanish word “sobremesa” is used to describe the after dinner activities period in which there is no more food on the table, but the people at the table are relaxing or engaging in conversation. Although, there is not a specific word to describe this experience, does not mean that English speakers do not engage in conversation at the dinner table after all of the food is gone.