group+3


 * ~  ||~ Student's Posts ||~ Teacher's Comments ||
 * Project A || [[file:ECONS PROJECT A.docx]] || G ood effort!

In the market economy, the prices of iPad are determined by the market demand and supply forces. || ' __A fall in the price of iPads__ will cause the __quantity supplied of iPads to decrease__ as the profits earned by firms will decrease and this will induce the firms to __supply less__' : a fall in price of iPad will lead to an increase in the supply of iPad (rightward shift of SS curve for iPad)
 * Project B || [[file:ECONS PROJECT B .docx]] || **__ Price of the product __**

i think what you meant for this point is: Apple Inc. would undercut the prices of rivals’ product by lowering the price of iPad. By lowering the iPad, quantity demanded would increase (shift of SS curve to the right). When the supply of iPad shifts right, the quantity supplied would be lower at every price level. At the prevailing price level, quantity supplied would be greater than quantity demanded and this cause a downward pressure on price of iPad. At lower price, Apple Inc earns a lower revenue.

note: max profit is taken at price level where mc = mr. Hence there is a specific price to get max profits.

Also, adverse changes such as bad weather, disasters, etc. will decrease supply as the production process is disrupted. Less is supplied at each prevailing price level (what product? ipad or the complementary goods such as the battery?). An example of a disruption in production process is in Japan, where the battery cells in the iPad is made in. Due to the magnitude 9.0 earthquake and tsunami faced on 11th March 2011, it has caused the supply of iPads to decrease as production of battery cells have slowed down or stopped completely.

too descriptive with little economic application. you could have further explained that with the production of process disrupted, the cost of production of producing iPad would have increased because Apple Inc needs to find new sites to resume production of the components or source for alternatives components. as a result, the SS curve for iPad would shift to the left.

|| || You have presented an interesting findings about the use of iPad in school. In your presentation you mentioned that the use of iPads can substitutes teachers and can help the school to save costs i.e. to hire less teachers etc. My opinion is that technology can never substitute teachers. If it can, then might as well have lessons at home, have e-learning. iPad may serve well as a complementary educational tool for teachers because of its light weight and portability.
 * Presentation Materials || [[file:ECONOMICS PRESENTATION(GROUP 3).pptx]]

Some amendments on the points:


 * A ****s long as Marginal benefit **** ＞ ****marginal cost, it is rational to buy ****__an additional __**** iPad for education purpose. **

Content accuracy: 10 Good content and adequate use of economic terms.
 * The increase in the number of consumers would lead to a rise in the demand of iPad illustrated by a ** leftward rightward ** shift of the demand curve ** ||

Overall presentation: 11 The group has showed positive feelings about the topic and information was presented in logical sequence which the audience can follow.