Archive for the ‘Section 2’ Category

Advice for JAL

November 5, 2009

JAL is experiencing some loss in their market. The prices are high, and people are buying less JAL tickets. I advise you to lower your airline prices. By doing that, there will be more consumers willing to buy the tickets. The demand for JAL can be considered to be elastic at this point in time. […]

Cheap Flights- Europe

November 4, 2009

a) This article suggests taht European travel is price elastic in demand. This is because the varying prices make a big difference in the response by the consumers. b) Ryanair has become the world’s most profitable airline firstly by being a very cheap airline. Ryanair owns small aircraft and carries few passengers and flight attendents. […]

What I have learned about myself as an IB econ student

October 23, 2009

This quarter, I have learned that I can handle some economic concepts better than last year. I understand economic concepts much better than last year. Also, I have learned that I can graph some diagrams well. However, some ideas are hard for me to graph and it sometimes takes me a while to recognize the […]

Data Response Section 2 Reflection

October 21, 2009

On this data response on section 2, my grade was not very high, but I got better than last time so I’m happy about that. However, there were some mistakes that I made that cost me alot of points. In my two definitions and my first graph and explanation, I got full points. On my […]

Thailand’s Rice Policy

October 16, 2009

In one of Thailand’s poorest parts in terms of producing rice, there was a terrible flood. This flood caused the supply of their rice crop to decrease. However, this is not the main problem. There was a scheme where the government made the price of the rice very high. This guaranteed price was supposed to […]

Naked Economics

October 2, 2009

I always knew in the back of my head that people can buy things for different prices than someone else. But reading Naked Economics made me realize that in alot of places, people pay for the same thing with different prices. From airplane tickets to the grocery store. A reason that some people pay more […]

What market structures do iPods function in?

September 23, 2009

The iPod has a unique status in terms of what type of market it is in.  On the one hand, iPods are in a monopoly market. This is because the iPod is very dominant in music devices because it is basically the only one of its kind. iPods can also be in a vertical monopoly […]