I dream of an India, where many scientists are engaged in doing significant researches, an India, which would be known for great scientific and technological advancements, an India where the likes of Tata’s and Birla’s would come up with new inventions, leaving the whole world amazed, great minds of the world guessing as to how the impossible was achieved An India, which is a leader not only in making new discoveries/inventions but also in spirituality, an India with an excellent net work of roads and bridges connecting even the remotest parts An India, where sustainable growth and development go hand in hand.
Every person plants and cares for a minimum of 10 to 20 trees in his life time, where wild life is safe from poachers, where Man lives in harmony with Nature, where no one is afraid of speaking the truth and where there is no corruption. Women are respected and people from all religions co-exist and where every Indian is proud of being an Indian. Where people are not afraid of leaving their houses open and there is no crime in the country, everyone is satisfied.
I dream of an India where market places, roads are spotlessly clean, where the highest standards of cleanliness and hygiene are maintained where garbage is not spilling on the roads and animals are not roaming around on the streets. I dream of an India, where farmers are respected as much as any other professional, where people are not superstitious, an India which is not only superior in science and technology but also in sports, where we are able to win maximum medals in Olympics and other international games, This is the India of my dream- this is the India in which I want to live-the India of which I am a proud citizen.
This is my India, a great country dominating the international scene, a land of peace, prosperity and plenty. In the end, I dream of an India as described by Rabinder Nath Tagore in the following lines. “Where the Head is held high where the mind is without fear into that Heaven of freedom “O Lord” let my country awake”
Economics Question
Find three REAL world examples of change in demand (shift in demand) or change in supply (shift in supply) or both. Upload your work in PDF format on BB by the due date.
The due date is Feb 13, 11:59 PM. If you submit by Feb 6, 11:59 PM, you will get feedback and you can resubmit your assignment based on the feedback provided. You may submit your assignment only once if you submit it on or after Feb 7.
When resubmitting after you receive feedback, make sure to highlight the parts that you are editing. Without highlighting the modified parts, your resubmission will not be graded.
Please make sure you watch the lecture videos for Modules 5, 6, and 7 before attempting this activity.
Mention WHAT, WHEN and WHERE it happened and what were the consequences (i.e. change in price and quantity of the good/service in the new equilibrium). Include a link to the website with the news. Be specific about change in demand/supply and change in quantity demanded/quantity supplied. Be clear and precise. No need to write a one-page essay for each example. Follow the examples below as a guideline.
Below are some examples (you may not use these examples and the examples mentioned on the slides of Modules 5, 6, and 7 as part of your submission).
Example 1: Oil spill in South Korea that began on the morning of December 7, 2007 => destroying half of ocean organisms shifts the supply of fish, shrimps, etc. to the left. In addition, this results in sea population at the head of the food chain carrying long-lasting and large amounts of dangerous chemicals making them unsuitable for humans to eat. This leads to a reduction in demand for seafood. In the market for seafood in South Korea, the new equilibrium quantity is less than the initial. Due to lower supply and demand, the final equilibrium price could be lower or higher than the initial equilibrium price.
https://earthobservatory.nasa.gov/images/8304/oil-spill-off-south-korea
https://en.wikipedia.org/wiki/2007_South_Korea_oil_spill
Example 2: Tsunami in Japan in 2011: Leftward shift of supply of Japanese cars => increase in price of Japanese cars (note that in the market for Japanese cars, this is a shift of the supply curve; but a movement along the demand curve).
if we want to elaborate on this example, due to the increase in price of Japanese cars which are substitutes for American cars, consumers would shift to American cars and demand for American cars increases. This means in the market for American cars, this is a shift of the demand curve.
Check out the link below for more info:
https://www.cbsnews.com/news/how-the-japanese-tsunami-changed-the-auto-industry/
Part of the website: “The disaster disrupted supplies of made-in-Japan models like the Toyota Prius and Honda Fit, as well as the flow of parts for some cars assembled in the U.S. As a result, shoppers who might have bought a Toyota or Honda last year bought Chevrolets and Fords, as General Motors and Ford gained market share.”
Example 3: Hurricane Harvey hitting Texas in 2017: 2.3 million barrels of oil taken out of the market (fall in supply). Price of oil in gas stations almost tripled.
https://www.businessinsider.com/hurricane-harvey-oil-markets-chaos-2017-8
Example 4: legalizing the processing, sale, and consumption of marijuana for personal use in WA in Nov 2012 => increases the demand for marijuana (i.e. the demand shifts to the right) => increase in price and quantity
With some delay, there is an increase in supply, too => decrease in price and increase in quantity
So, we can be sure the amount of marijuana consumed by public after legalization would increase, but we don’t know about the final price of marijuana. (it seems however, that the rightward shift in supply has been dominating the rightward shift in demand and the price of marijuana has decreased in Washington and Colorado after legalizing it.
https://potguide.com/pot-guide-marijuana-news/article/marijuana-prices-in-seattle-and-washington-spring-2017-update/