Gulliver’s Travels Determine Supply, Demand and Equilibrium.

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Gulliver’s Travels Determine Supply, Demand and Equilibrium

Transcript of Gulliver’s Travels Determine Supply, Demand and Equilibrium.

Page 1: Gulliver’s Travels Determine Supply, Demand and Equilibrium.

Gulliver’s Travels

Determine Supply, Demand and Equilibrium

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One fine day in the Mail Room…….Gulliver: I am sick and tired of this dead end job

of being a mail boy for 10 years!!!

Boss: So are you going to resign?

Gulliver: No, I would like a transfer to the economics department to be a market analyst.

Boss: hmmm let me see……., I am short of a market analyst in our company’s economics team to study the market for iPAD. Are you interested in this project?

Gulliver: Of course, I am ready to start NOW!!!

Gulliver does a quick sail to the iPad market to gather some information. Click next to see his research……

HOME Information Task Process ConclusionWeb links Assessment

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-First Destination-Background Information on iPad…

The iPad Keyboard Dock combines a dock with a full-size keyboard.

Can import photos from a digital camera or SD card with the iPad Camera Connection Kit.

iPad is the first tablet computer developed by Apple Inc. Announced on January 27, 2010.

It is perfect for web browsing, watching movies, or viewing photos.

iPad also comes with Bluetooth 2.1 + EDR, letting you connect to devices like wireless headphones or the Apple Wireless Keyboard.

iPad is thin and light. There is a slight curve to the back makes it easy to pick up and comfortable to hold.

HOME Information Task Process ConclusionWeb links Assessment

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-Second Destination-News on iPad !!!Four Singapore schools in city have begun using iPad to relieve the students from the need of carrying text books and notes. Nanyang Girls High School has spent $135,000 to buy 150 iPads for 140 students and 10 teachers in a pilot project. Source: http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_624521.html

“iPad is our most advanced technology in a magical and revolutionary device at an unbelievable price,” said Steve Jobs, Apple’s CEO. It features 12 next-generation Multi-Touch applications.Source: http://www.apple.com/pr/library/2010/01/27ipad.html

Finally after an intensive research, Gulliver is now ready to work with his economics team on “MARKET FOR IPAD”.

HOME Information Task Process ConclusionWeb links Assessment

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You (Gulliver) and your Team members are from the Economics team. Your group has been assigned to complete two projects which are crucial as it will determine your end-of-year performance bonus. Project A: (Word Limit: 200 words) 1. When did the iPad first originated?2. How is the price of iPad determined?3. What are some of the related/ associated products for iPad? How are

these products related to the iPad? Project B: (Word Limit: 500 words) Discuss how recent developments would affect your marketing and pricing decisions for the iPad. You should concentrate on four main factors, 2 from the consumer’s point of view and 2 from the producer’s point of view. Use economic tools to support your analysis.

Your Task……

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Presentation1. The presentation should provide a concise and accurate summary of

findings from the group report.2. The presentation take no more than 10 minutes long.3. Be as creative as possible for the presentation.

Your Task…… (continued)

HOME Information Task Process ConclusionWeb links Assessment

You (Gulliver) and your Team members are from the Economics team. Your group has been assigned to complete two projects which are crucial as it will determine your end-of-year performance bonus.

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Thinking Points:1. How “recent” are you looking at?2. What would your “Marketing and pricing decision

constitutes”?

Target audience of your projects: A Level Economics students

Bibliography, Credits:Plagiarism is a serious offence. Please remember to credit your sources using the APA references format. Please refer to the following websites: 3. http://www.lib.nus.edu.sg/lion/s/citeapa.html4. http://www.library.cornell.edu/resrch/citmanage/apa

HOME Information Task Process ConclusionWeb links Assessment

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Demand & Supply and the MarketDemand: refers to the quantities of a product that consumers are willing and able to buy at various prices per period of time, ceteris paribus. Demand represents intention to consume. The law of demand states the higher the price of a good, the lower the quantity demanded, ceteris paribus.

Factors affecting the demand for a product: Price of the product Income Price of substitutes Price of complementsTaste Consumer expectationsGovernment legislation

HOME Information Task Process ConclusionWeb links Assessment

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Supply: refers to the quantities of a product that suppliers are willing and able to sell at various prices per period of time, ceteris paribus. Supply represents intentions to supply. The law of supply states that the higher the prices of good, the higher the quantity supplied, ceteris paribus.

Factors affecting the supply for a product: Price of the product Changes in the cost of productionState of technologyChanges in the price of related goodsChanges in the government policyChanges in the number of sellersChanges resulting from nature or abnormal circumstancesExpectations of future prices

Demand & Supply and the Market

HOME Information Task Process ConclusionWeb links Assessment

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Protocol to start on your project.REPORT1. In your groups of 5 to 6, go through the resources required. 2. Identify recent developments that impact the market for

iPad: Do further research and collect more data beyond those that are recommended. All the resources should come from the Internet.

3. Deliverables include a 200-word report for Project A, 500-word report for Project B and a presentation.

4. Gulliver has kindly shared some web links he has found during his travel research.

HOME Information Task Process ConclusionWeb links Assessment

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Protocol to start on your project.PRESENTATION1. You will be required to present your project. Be as creative

as possible! Do make reference to the rubrics.2. Your presentation could include music videos, clips, etc.

created by your group.3. Please upload your reports and presentation materials on

to the wikispaces website created by your Economics Rep.

HOME Information Task Process ConclusionWeb links Assessment

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Protocol to start your project.

Deadlines for your Project:

Econs Reps would be required to create the Wiki Space page for your respective classes by 11th March 2011.

All the groups must upload their report and presentation materials by the 18th March 2011.

Please note that there will be a reduction in the year end bonus amount if the

groups fail to meet deadline

HOME Information Task Process ConclusionWeb links Assessment

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Web links 1. How to succeed at marketing the iPad: http://news.cnet.com/8301-31021_3-10450333-260.html

2. Android Tablets Gain on Apple iPad in Fourth Quarter:

http://www.bloomberg.com/news/2011-01-31/android-tablets-gain-on-ipad-in-fourth-quarter-researcher-says.html

3. Acer Seeks Piece of IPad Market With Introduction of ThreeTablet Devices:

http://www.bloomberg.com/news/2010-11-18/rim-s-rival-to-ipad-wins-fans-as-corporate-customers-seek-secure-tablets.html

4. Apple iPad sells 300,000 on debut: http://news.bbc.co.uk/2/hi/8603599.stm HOME Information Task Process ConclusionWeb links Assessment

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5. iPad clears government hurdle in China: http://www.macworld.com/article/153145/2010/08/ipad_china.html 6. Apple 'iPad 2' rumours grow online: http://www.bbc.co.uk/newsbeat/11863568 7. iPad apps to cost more say developers ahead of launch: http://news.bbc.co.uk/2/hi/8590300.stm 8. Kindle or iPad: Which will change reading?

http://www.bbc.co.uk/blogs/thereporters/rorycellanjones/2010/08/kindle_or_ipad_-_which_will_ch.html

Web links

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ASSESSMENT Report (60 marks in total)

CATEGORY 41-60 21-40 0-20Content Accuracy (30m)

Very concise and answers the question thoroughly . Provide at least 4 factors, 2 each from producers’ side and consumers’ side, that could affects the market for iPads in detail, with substantiation of real world examples. Clear economic analysis on the market for iPad.

Concise and answers the question adequately using some economic terms. Provide at least 3 factors , that could affects the market for iPads with some substantiation of real world examples. Weak economic analysis.

Fairly good content but no/ limited display of economic analysis. Question barely answered. Evidence is vague. 2 or less factors analysed. Heavily lacking in economic analysis.

Overall presentation, Organisation of points (15m)

Very good organisation with proper linkages and ideas flow smoothly. Good presentation of report.

Good organisation of points and fairly smooth flowing ideas. Presentation of report is fairly clear.

Fairly good organisation but ideas are disjointed and lack coherence. Report is presented in point form.

Quality of Research (15m)

Thorough (with at least 3 different sources of information) Accurate citationsCurrent ideas and information

Fairly thorough (with at least 2 different sources of information) Some citationsCurrent ideas and information

Inadequate (only 1 source of information)Inaccurate citationsDated ideas and information

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ASSESSMENT Presentation (40 marks in total)

CATEGORY 16-20 9-15 1-8

Content Accuracy (20m)

Very concise and addresses the question thoroughly using proper economic terms.

Concise and answers the question adequately using some economic terms.

Fairly good content but no/ limited display of economic analysis. Question barely answered. Evidence is vague or unsupportive of stand taken.

Overall presentation, Creativity, Organisation of points(20m)

Demonstrates a strong, positive feeling about topic during entire presentation.Student presents information in logical, sequence which audience can follow with much creativity.

Occasionally shows positive feelings about topic.Student presents information in logical sequence which audience can follow with some creativity.

Shows some negativitytoward topic presented.Audience has difficulty understandingpresentation because there is no clear sequence of information. Lacks creativity.

HOME Information Task Process ConclusionWeb links Assessment

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HOME Information Task Process ConclusionWeb links

Hope you will manage to submit an outstanding report on the market for iPad. Look forward to an excellent year end bonus!

Demand and Supply analysis is a piece of cake for me!!!

Assessment