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Name: Andres Calderon
Student ID: 86048232
Monday: 2:00 pm discussion
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Hello everyone. I take my son to preschool everyday and currently, he really likes nursery rhymes. The Wheel On The Bus is his favorite, which means I have to play it a lot in the car, which then means that the song gets stuck in my head. I was thinking about this project while driving him to preschool and I guess the two things merged together. I changed the lyrics to The Wheel On The Bus to reflect some of the principles of microeconomics that I use in my daily life. I am not a good singer, so I forced my husband to sing what I wrote. These are the lyrics:
Incentive is something that makes people act. This concept, is not abstract. I use it everyday with my two brats. All day long! Whenever they do things they're supposed to do. Say thank yous, homework too. They get tickets in which they choose to. Trade for loot! Now my kids to not have to fight. They compromise, and specialize. Trade has made us better off. In my eyes. There's no such thing as free lunch. Trade tickets, for fruit punch. You want new stuff but can't pay up. That's credit crunch. The fancy toys cost a fortune. This is a, situation. For my kids to think about. The margin. At days end I am their mom. So I help, fix outcomes. Which makes me the government. I hope I don't fail.
Wei Sun Chiu
ID: 80164694
Monday Section: 2.00-2.50PM
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Vincent Ladasoonthorn
Student ID#25603813
Timothy Ngyuen
Student ID:#57728746
Michael Anh Khoa Le
Student ID: #14133870
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Economics live: in video games
Economics is not just an abstract subject, it permeates practically every aspect of our daily lives, including the video games we play in our leisure time. Today, I'd like to dive into how a few economics concepts are reflected in my favorite games and explain them through examples.
Price Elasticity of Demand: The price elasticity of demand is the degree to which the quantity demanded changes accordingly when the price of a good changes. This concept is evident in the games Valorant and Apex, where in-game items often require a lot of money to be able to buy. I noticed that even when game studios Riot and Respawn released new sets and skins and raised the prices of in-game skins, players' enthusiasm to buy them was not affected too much, and they could still benefit in a very consistent way. This suggests that for these in-game items, player demand is relatively insensitive to price changes, they have low price elasticity. This may be due to the fact that these games have high player loyalty and brand value, that some in-game sets and skins may be unique or scarce, and that for some players owning a specific in-game item may be a social status symbol, which are reasons why players are willing to pay for their favorite in-game items even in the face of price increases.
Price elasticity: Trans-price elasticity refers to how a change in the price of one good affects the demand for another good. Take the game console market as an example, ps5 and ps4 are obvious substitutes, when sony released the new generation of ps5, people might expect the demand for ps4 to drop significantly as consumers might switch to the newer and more powerful ps5. however, the actual situation is that the sales of ps4 has not dropped drastically, and it even fought with ps5 to have a back and forth. Nine months after the launch of the new console, PS5 sales totaled 10,479,928 units, while PS4 sales totaled 9,860,208 units. This suggests that consumers in the gaming console market are not strong substitutes for the old and the new. the ps5 may have faced supply chain issues and inventory constraints during the initial release period, resulting in many consumers not being able to purchase the new console and still choosing to purchase the ps4. the ps5, as a new generation console, tends to be priced at a higher level than the ps4. for consumers with limited budgets, the ps4 may have been a more affordable option. There may be different segments of the gaming console market, where one segment of consumers prefers the latest technology, while another segment of consumers may value for money or be less sensitive to new technology. This market segmentation may lead to the co-existence of old and new consoles rather than a simple substitution relationship.
Income elasticity: Income elasticity refers to the effect of changes in consumers' income on their purchasing power. In Valorant, I observed that players with higher incomes were more likely to buy in-game skins, whereas players with less means were more cautious and often waited for discounted "night market" events to make purchases. This pattern of behavior suggests that the income elasticity of in-game items may be positive, as players' incomes increase, their in-game expenditures will also increase. As an example, a friend of mine has never had much money to live on, making it difficult to save up for skins, but when he gets some parental rewards and more money, he starts buying the skins he wants. This shows that in-game spending correlates to some extent with a player's income level. Of course, daily life are not enough, and mental satisfaction like games must not be an inferior good or a necessity. When players' incomes increase, their in-game expenditures will increase accordingly, reflecting the income elasticity of in-game items.
We find that in-game items are relatively insensitive to price changes, indicating low price elasticity; there is low cross-price elasticity between old and new consoles, they are not strong substitutes; and in-game consumption increases with players' income, indicating positive income elasticity. These observations reflect some simple characteristics of consumer behavior and demand in the gaming market.
Yikun Li
47184414
Monday section 2:00-2:50pm
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Henry Lee
ID#: 89041994
Discussion: Monday (2-2:50 pm)
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Econ Live
Gayathri Viswanath
ID#: 11658906
Discussion: Monday (2-2:50 pm)
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youtube
Econ Live: Econs Plan (Gods Plan parody about monopolies)
Ryan Nguyen : 43542596
Sophia Liang : 36907839
Anh (Andrew) Nguyen : 68095257
Asia Chan: 72675741
Ross Victor : 69874003
Katie Wang : 46082468
William Lentz : 40159872
Monday 2:00 - 2:50
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Alexia Adhikary (SID: 27827637), Michelle Radecker (SID 74861745), and Kayla Garcia (SID 34212024)
Discussion Time: Monday 2pm
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youtube
[Econ Live] Annie Nguyen (76528344) & John Nguyen (71649814) Monday Discussion @2:00-2:50pm
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