Hypothesis on Research project

Christmas is right around the corner and bigger and better products are going to be sold. I have decided to choose an item in the video gaming market. I feel that the new Nintendo Wii will be a hot, hot new item. I feel that once it hits the stores they will be ripped right off the shelves and become christmas gifts for little tommy lunchbox and susie trenchcoat. The demand for them right now, on November 7th, is probably huge and this will only increase. The demand should also increase even after christmas and will continue into the summer. Only time will tell.

Demand Elasticity

1. A Box of Matches - Inelastic. Matches do not cost much money. More people tend to purchase
lighters because they are easier to light and come in handy for things
(ie. smoking, power outage)

2. A Luxury Holiday - Elastic. People have varied ideas of luxurious places to go. The weather
can also have an influence on what you do or where you go.

3. Heinz Baked Beans - Inelastic. Since some consumers have an addiction to beans, they will
tend to be inelastic, plus they might be purchased more during holidays.

4. Computers-Home Users - Inelastic. They are very important and necessary within the home.
Important things like financial records can be stored on them.

5. Computers- Business Users - Inelastic. Pretty much the same as Home Users. Plus,
computers at work are extremely important.

6. Cigarettes - Inelastic. They are addictive and can be considered a necessity. They will be
purchased more if the price goes down.

7. Elastic Bands - Elastic. Not important to have unless you need to hold rolled up papers
together.





Evisu Genes Flare Cut Jeans - $250.00
Carhartt Relaxed Fit Jeans - $27.00

These brands of jeans differ in price because of the maker of the jeans. Ones with more modernized names tend to be more expensive than regular sounding names. Also the style of jeans also play a role in the price. Also a more recognizable name tends to be more expensive, usually.

North Korea Situation

Well it appears that North Korea blew off one of their nukes in a testing area. The terror alert is probably rising and people i can imagine are beginning to freak out. But i say, its not a big threat. I mean yeah, North Korea hates us and has threatened us not just now, but in the past as well. I think in todays world it is hard get away with things as small as lets say a robbery or as large as, well like a nuclear bombing. There are nukes pointed at other countries all over the globe. Now that North Korea has just tested their bomb, we most likely have a few pointed at them. Lets just say that Kim pushes the button today, as soon as that happens, we will push our button that is pointing at them. (Hey, we wont go without a fight, even if we wont see the outcome.) Now there are other countries that support us, mainly for monetary purposes. Ill bet they will get ticked off and attack or fire nukes at North Korea as well. And vice versa with the allies of North Korea against us. The long lasting affects of launching a nuke will cause the environmentalists to go into a huge uproar, if they are any left. The skies will be polluted, animals and trees will die. There could be mass revolts against the government all over the globe. The aftermath of a nuclear war doesn't just involve the two warring countries, but the rest of the world too. Now ofcourse all of this is a "what if" and is my opinion. I don't think Kim Jong-Il is crazy enough to push the button. Ofcourse i could be wrong. I remember reading in the Buffalo News last year that Kim Jong-Il publically announced his hatred towards Bush. Ofcourse i might be mistaken, but im pretty sure of it. So if you are worried that this winter will be nuclear winter, i say don't count on it.

The Puzzling Economics of Sports

In an article entitled "The Puzzling Economics of Sports'' by Allen R. Sanderson, he discusses how the public critcizes athletes for making a lot of money although they hardly make as much as movie stars, singers, and authors. It can come down to the law of supply and demand. People seem to prefer paying the bigger price to go to entertainment places, but won't spend the cheaper price on sports tickets. The public demands more for their money and the stars salaries come from the people who pay. There is a large supply of forms of entertainment: movies, tv shows, concerts. Sports tickets would be better off because they are set for inflation. Its amazing how the median salary for baseball players is 800,000 a year, while the cast members of Friends take home a milllion dollars per episode. People also complain about the team members driving up the cost of the game ticket, but they don't complain about the ticket prices at the movies which go up because of the stars of the movie. Also, the fans take into consideration how much parking, food expenses, and souvineers are going to cost when going to a sports event, but very little is thought about when people go to the movies. And at movie theatres, the prices have become rediculous. The fans are demanding more amenities in the ballparks which limits its own supply and ends competition. I completely agree with Mr. Sanderson. I think that athletes are looked upon as the bad guys when it comes to their salaries. Sometimes its rediculous how much money some athletes earn, but usually its minute compared to some actors like Ray Romano who makes about $50 million a year for only a half hour, once a week, for a couple of months. I also agree with the his last quote, "With apologies to F. Scott Fitzgerald and Ernest Hemingway, why is it that sports are apparently so different from the rest of society and the economy?" I really do not understand why. Another quote of Mr. Sanderson's that I liked was, "At least we ought to be consistant in our errors and hostility." By this he means that if we criticize one group, we should criticize others as well for pretty much the same reason. Like in this case, money. Another thing that Mr. Sanderson stressed was how people critcize athletes for using performance enhancers, but don't criticize celebrities for using botox and cosmetic surgery. It's sad that this takes place in our country. This article does mention the law of supply and demand. Overall I say we, the people, should criticize all groups when necessary and then everything will be fine. I know it wont happen because life is unfair, and Im gonna have to try and accept it when it goes against me.

Failing Ford Company

The Ford Motor Company is having some serious financial problems. People aren't buying the SUVs and trucks that they are producing. To try to make up for the loss they are offering buyouts and early retirement plans to 75,ooo employees. In the future they planned on cutting 30,000 more jobs and close down a couple more plants. Ford is the 2nd motor vehicle maker in the country. GM is 1st. Not only do they have to compete with GM, but also the smaller, more fuel efficient Japanese car makers. Not only are the production of SUVs and trucks hurting them, they are also selling cars on the old-style platforms. They are going to need to do a lot of things to get themselves back on the ball.

Pacific Ocean Weather

In the Pacific Ocean there is Tropical Storm Lane which is receiving hurricane warnings. Lane maybe caused by El Nino which is starting up this year and will probably last into 2007. As of right now the conditions aren't bad, but only time will tell. Apparently it will make our winter weather warm, which i dont have a big problem with.

Not raising hogs

1. The dilemma expressed by this letter is is that these people, the Plowrights don't actually
want to raise the hogs, just the money in order to do so.

2. The government is decreasing the small hog raising markets when they pay people not to
raise hogs.

3. The critics used irony against the government.

4. This story conveys that people want to make money by doing anything, sometimes even if it
doesn't make sense at all.

Costs and Benefits of College

Costs:
1. Average price for Private College - $31,916
Average price for Public College - $15,566
2. Time away from family, friends, and work
3. Giving up wants and desires to get the limited resources
4. Books
5. Food
6. Transportation
7. Entertainment

Benefits:
1. Earn more money
2. Get a good start on life
3. More jobs to choose from
4. Develop reasoning, tolerance, reflection, and commucation skills
5. Marketable
6. Intellectual Investment
7. Networking