Entry 15: What is a Monopoly?

The video is mainly providing a definition of monopoly will only produce at quantity when marginal revenue equals marginal cost. The three main characteristic of a monopoly is basically when there is only one seller with one special or unique product and have barriers to entry. Monopoly has the power to change the supply and the demand, which the video mentioned how economists do not like monopoly mainly because of that. 

Yet one kind of monopoly is created because that firm is willing to dedicate their great effort into it

and it is good because it will encourage other firms to become more efficient and try to compete with other firm and make the economic better as a whole.  I do agree with the entire concept of how economists' view of efficient monopolies. Monopoly can be a good thing when it comes to the advantage in mass production and manufacturing. If a monopoly spends its entire surplus in order to maintain the position, then it is neither worth it nor a good choice to attain a monopoly. Since it ends up creating huge amount of opportunity cost it is not a good choice. 

Topic 13: The Return of the Zeppelin

Both demand and supply for Zeppelin dramatically decreases after the explosion of Hindenburg around the 1930s. People chose not to ride on the Zeppelin because they are too afraid to do so and they are afraid that history is going to repeat and similar incidents are going to happen again. Yet, through the advancements and improvements of technology, the service of Zeppelin riding has become more secure and safe. The Zeppelin rising service are now being improved with decent quality and better materials. For instance one great example of an improvement would be how they replace the gas in the Zeppelin with hellion and instead of hydrogen, so the possibility of a Zeppelin explodes decreases. Airship Ventures is an example of an oligopoly, because there are only three airship companies that actually own a Zeppelin and there is actually only one in the United States. Three crucial determinants that lead to Airship Ventures’ success are preference, expected future prices, and the prices of related goods. Lastly, for me, I would not really risk to go on a Zeppelin, because I have my own personal preferences, furthermore, it is not cheap to go those. 

Journal 12: Pizza for Pesos

The video is basically illustrating a controversy of how pizza stores are gradually accepting Mexicans pesos for its costumer. This concept is basically controversial because some say that this simple action encourage illegal immigrants from Mexico and also claim that it is an insult to the United States and its culture. Utility is basically the idea of how much you are satisfied upon one specific good or service. Furthermore, utility is determined by one’s individual’s self-preferences, and how much one likes it or no. This simple concept is relating utility is because some Mexicans are actually willing to pay more in order to exchange a pizza that is actually caring about their people and they might be willing to consume more pizzas. Through out the United States, Mexican and Latino costumers are gradually become one of the crucial group among the entire population of the United States. For example, the business of mobile phones started to address their slogan in Mexican with will obviously gain attention from the Mexicans and they will find out about this specific firm and will increase the likelihood of them consuming specific goods and services. I think is it good to accept pesos, but also the firms also need to evaluate the consequences upon the negative sides. Perhaps some patriotic Americans will boycott such firms and will also decrease income of the firm, which is not profiting and benefiting the entire business as a whole. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations.