Monday, February 25, 2008

20-oz soda cans?

So my dad works at Metal Container Corperation... Well, they're planning on making 20-oz soda cans as apposed to the current 12-oz cans. This is putting a whole new item on the market. Whether it's a success or not, the demand will change rather quickly for both the 12-oz and 20-oz cans. If these new cans are a success the demand will increase as customer taste will benefit from the larger cans. If the demand increases, the supply will begin to increase. Since the 20-oz can is a substitute for the 12-oz can (assuming customers prefer the 20-oz can), the supply of the 20-oz can will increase while the supply or the 12-oz can will decrease.

Sunday, February 10, 2008

useful at Jimmy John's..

Wow! AP Mircoeconomics Unit One complete. Although I wish we had spent more time on the first unit, I know we couldn't and I'm actually interested in economics. It takes me a little longer to fully understand concepts though.
My favorite concept so far is comparative advantage. I think it's cool that even though someone may not be very good at something, that person can still have an advantage and benefit from it. I also think it's something I could use in the future. For example, if I'm working at Jimmy John's one night. Katie and I are trying to decide who should slice turkey and who should slice cheese. She has been working there for 3 years and I've only been working there for a year in March, but I've only been able to slice since October. Obviously, Katie has the absolute advantage in both seeing as she has had much more practice. Knowing how to determine comparative advantage would be key in this situation and I think it may be fun to find out what I have comparative advantage in for slicing. This information may work in my favor when it comes to getting out of slicing cheese. =)
On that note, I'm excited to see what Unit Two will bring..