Week 9 HW

On Monday, we practiced with the determinants of supply and learned about the elasticity of supply. The price elasticity of supply is how much a change in price will affect the supply of a good. Elastic goods are relatively easy to make, and inelastic goods are more difficult to make. Time affects elasticity -- all goods are elastic in the long run. On Tuesday, we learned about how supply and demand affect how people name their children. The smaller supply of people with a certain name increases the demand for the name, as well as how the name of a very successful person (such as Thomas Eddison) suddenly comes into high demand after the person becomes successful. On Wednesday, we learned about our final major project of the year -- Rockonomics. The project is basically taking a song and rewriting the lyrics to teach a lesson learned from Economics, then recording somebody singing the song we wrote, and applying that song to a video. On Friday, we participated in an activity where half the class was selling wine and half the class was buying wine, and the activity explained how neither the consumers or producers can really control prices, but the free market can.

I plan on working alone, and I have several songs which I'm debating on doing, one of which being Welcome To The Show. The one question I have is if two units are closely related (EX: Scarcity and Incentives, or Cost and Benifits and Scarcity), can we include both of those units together and show how those two units are related?

My strategy for winning Monopoly was to get all of the section I landed on (EX: all the railroads, or all the dark blue ones), then move on to collecting all the other sections one at a time. That way, it would ensure that other people would land on something I owned at some point.