Economics Reflective Journal

6.

Full Reference

Akerlof, R., Holden, R., & Rayo, L. (2018). Network externalities and market dominance. Unpublished Manuscript.

Summary

The main objective of the paper was to determine the optimal pricing and price competition when the multiple equilibriums have been achieved due to network externalities. In this article, the author has developed a framework that provides the firms with the simple approach to select the accurate equilibrium which is based on consumers’ impulses and helps them in predicting when they are ‘in’ and ‘out’ from the market. The author considered that the influencers and past consumption plays a major role in shaping consumers’ impulses and explained the reasons behind the difficultly faced by firms in becoming ‘in’ and why it is important for them to acquire startups to maintain their position. It has been suggested by the author that ‘in’ firms undertakes appropriate measures to maintain high quality of products and help in lowering down the prices.

Reflection

From this course, I learned that it is very important to understand the nature of competition for the firms to undertake effective decision making process. This would help in determining the efficiency of the market, innovation intensity, consumer welfare and in developing the anti-trust policy. Moreover, I gained knowledge about the effects of consumer impulses in finding out the level of sales. I analyzed that impulses are mainly dependent on the influencers’ behavior and past consumption. I evaluated that markets having network externalities has the capability to generate multiple equilibriums and it becomes important for the firm to select appropriate equilibrium to increase its market share. Furthermore, I learned that both winning and losing firms exist at the same time in the market and losing firms always look after the actions of the winning firm. I analyzed that pricing strategy is framed on the basis price charged by wining firm. Therefore, in this case, it is considered important for the wining firm to prevent the losing firm to gain popularity in the market. To achieve this, losing firms are only allowed to generate rent from small base of customers in the form off consolation prize.

7.

Full reference

Devi, L. Y., & Purnomosidi, R. K. H. (2019). Estimation of Demand Elasticity for Food Commodities in Java Island. JEJAK: Jurnal Ekonomi dan Kebijakan, 12(1), 54-67.

Summary

The main purpose of the article is to estimate the demand elasticity of food commodities and products in Java Island. Availability of food was considered as the major priority for development purposes. In addition to this, the demand for safe and healthy food is increasing with the significant growth in population. Proper analysis of food consumption related patterns is essential to forecast the demand for agricultural products. National economic survey data for the year 2010-210 have been used to examine the demand for food items. It has been found that demand for rice is inelastic to income whereas the demand for beef, fish, meat, shrimp is income elastic. Moreover, the elasticity of budget made for the shrimp, fish, beef and chicken is also high which means that with the increase in income of the consumer, the quantity and budget for such commodities will rise.

Reflection

From the topic income elasticity of demand, I learned that for some goods, the quantity demand is income inelastic and for some other goods, the demand is comparatively elastic to income depending on nature of commodity. The goods which are necessary for survival and on which small proportion of income is spent usually have inelastic demand. Moreover, I gained a knowledge regarding the formulas and consumption patterns studied to estimate the demand for the food items. Initially, I got confused between different consumption patterns followed for different products. However, after sometime, I achieved a thorough understanding of those patterns.

I analyzed that quantity demanded of rice is income inelastic being the necessary food item for survival purpose which means that its demand does not change with the change in income of consumers and demand for other items like shrimp, fish, chicken, etc. is income elastic which means their demand increases or decreases with the change in income of consumers. Therefore, income elasticity curve for rice would be steeper than for chicken, meat, fish and shrimp. Also, I analyzed that rise in income of the consumer lead to rise in budget maintained for incurring the food expenditure.

8.

Full reference

Henchion, M., Hayes, M., Mullen, A. M., Fenelon, M., & Tiwari, B. (2017). Future protein supply and demand: strategies and factors influencing a sustainable equilibrium. Foods, 6(7), 53.

Summary

The article laid emphasis on determining the factors and strategies that influence the sustainable equilibrium. Rapid increase in population lead to changes in the socio-demographic composition of population that further lead to the rise in pressure on not only resources but also in the demand for various types of food. Moreover, it has been found that the increase in demand for the protein based on animal will have unfavorable impact on the environment, requires more land and water and also lead to the generation of greenhouse gases. Livestock will play a significant role in `solving the issues relating to emissions of green house gases and acts as a sustainable diet and a major contributor towards maintenance of food security.

Reflection

From my course, I learned how the rise in population will lead to the rise in demand for the resources as well as other items. It helped me in drawing understanding regarding the unfavorable impact of rise in demand of animal based protein on the environment. I got to know how this will deteriorate the sustainability of the nation. I analyzed that rise in population lead to the demand for more products and to serve the customers, more production is required due to which the factories will release more harmful gases in the atmosphere, require more land and space to the items and more water to generate desired level of output.

Furthermore, I gained knowledge of different challenges that are to be considered while evaluating the customer needs with regard to technological, nutritional and environmental factors. I analyzed that proper attention must be paid to issues like acceptance by the customers, production costs and food safety while undertaking process of production. Therefore, it can be claimed that as per the gained knowledge that there are large number of factors that have a large impact on the sustainability and operations of the business.

9.

Full reference

Alemi, F., Circella, G., Handy, S., & Mokhtarian, P. (2017). What influences travelers to use Uber? Exploring the factors affecting the adoption of on-demand ride services (No. 17-05630).

Summary

The main objective of the article is to analyze the factors that influence the demand posed by travelers to use the services offered by Uber and other on-demand rise services. Growth in transportation technologies and rise in shared mobility services are leading to the changes in the way of travelling by people, especially in urban areas. This has expanded the travel alternatives and allows larger flexibility in scheduling the day to day travel without undertaking any investment of auto ownership. On demand rise services are mainly used by young adults and office going people.

Reflection

From this topic, I learned that there are large number of factors that affect the demand for on-demand ride services like Uber and Lyft. The flexibility in scheduling the travel has increased with the introduction of these services. I gained knowledge about the reduction in expenditure that might have been incurred in buying the ownership of any vehicle. Moreover, shared mobility services have transformed the way the people travel from one area to another specifically in the urban areas. I analyzed that these services are mainly used by young adults between the age of 25-40 years of age. The demand for these services is more during the office hours and less in the middle of the day. It helped me in evaluating the rise in the land use diversity with the adoption of on-demand ride services. Consumers would be able to set higher budget for other activities than for travel purposes as the cost of these services is less as compared to traditional travel sources. Therefore, it can be claimed that with the adoption of such services helped in raising the growth of overall economy.

10.

Full reference

Marwala, T., & Hurwitz, E. (2017). Supply and Demand. In Artificial Intelligence and Economic Theory: Skynet in the Market (pp. 15-25). Springer, Cham.

Summary

The main purpose of this article is to raise the understanding of the concept of supply and demand. The law of demand and law and supply has been considered as the principle laws in the study of economics. The article suggested that the demand for the commodity increases with the substantial fall in prices and demand for the product decreases with the rise in prices, assuming other factors as constant. This relationship is indicated with the help of demand curve. On the other hand, the law of supply indicates the relationship between the price and quantity supplied by the producers. It has been studied that there is positive relationship between price and quantity supplied of a commodity and this is indicated by the supply curve. The author suggested that the equilibrium is achieved by the point of intersection between demand and supply curves. AI machines helped in reducing the degree of arbitrage and thus raised the fairness in the market.

Reflection

From this course, I learned how the demand for the commodity increases or decrease with the change in price. At higher, less quantity is purchased by the consumers whereas at lower level of prices, consumer buys more units of the commodity. Moreover, I gained knowledge regarding the factors affecting the supply of the commodity by the producers. Producers are ready to supply higher amount of commodity at higher prices in order to maximize profits. I got to know the method of determining the equilibrium price of the commodity in the market.

This raised my skills and knowledge with respect to demand schedules, demand curve, supply schedule and supply curve. I analyzed that the major factor that affect the demand and supply of the product and services is the price. Suppliers have the objective to raise their profitability level whereas the consumers have the objective to reduce their expenditure. Moreover, I evaluated the use of Artificial Intelligence in reducing the arbitrage degree and maintaining of high degree of fairness in market. Therefore, the efficiency of the economy has increased by describing the concept of demand and supply along the advent of Artificial Intelligence.

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