updating la~~~~~~

Watched a film~~called crude oil awaking~(I have to SAY..tht it is so difficult to let thedvd play on my laptop~~I think people have copied it too many times~)

Now~~It's time to talk about the film~
"Oil is the blood stream of the earth!", basicly,everything is made from oil, like perfume, cream even clothes and also plastic all contains oil component, which I haven't realised since the last 18 years~~~~*-*

But there is one thing people never misnotice is the petrol.
Since the oil has been discovered and widely used on cars and macheines, the world economy has been rapidly grown. The first drop of oil was discovered in the 1914 by Laruta. In 1930, the biggest oil field was built in Baku by Momarc. People like me would never know that how cheap was the oil been first discovered.(It was approximately 25 cent per barrel within 300 workers work on it)

Nowadays, the demand of oil never decrease, which means in order to meet consumer demand, the suppliers are always developing their technology in order to satisfy enoumous demand. But the fact is we are facing the scarece of natural resources. (by the way, It takes 2500 years for the chemical reaction to form oil)As it is a non renewable resources. There is a famours gragh about the oil discovery trend over time. As I couldn't draw I will explain here~Once the discovery curve comes its peak, it will fall .The production curve is exactly the same trend of the discouvery curve, it's just fewer years delay.

Oil is also the magnet for war, as it is very important for the world economy.

that's all for today~I'm dead tired now~~~~~~I used all my brain cells...retared now~~
hope you enjoy reading it^^

Warwick

I hve an interview at Warwick.

I have predicted grades:

Maths : A
Further Maths: A
Economics: A
Physics : A

In AS I achieved a grade A in all of those (but had extra lessons with Chris for a lot of the time)

My personal statement detailed all the extra curricular things I do - I don't really so that much though.

I did a High Rope course - read about them here. This is really good for teamwork and group co-operation.

My interview is on 28th January. The course is called MORSE....wish me luck!

Review of DVD on Oil: a Crue Awakening

Chris gave me a DVD to watch on OIL.

I only watched the first part - here are my views.

I thought it was interesting and I was able to understand SOME of it. But only the first 10 minutes

:-(

Here is the review from Amazon:

"Amazon.comWhile the previous eco-doc Who Killed the Electric Car? spent some time on the world's oil crisis, A Crude Awakening (formerly OilCrash) builds an entire film around the subject. Swiss journalist Basil Gelpke and Irish filmmaker Ray McCormack have constructed their narrative in a conventional manner, alternating between talking heads, archival footage, and modern-day material, but the addition of several pieces by Phillip Glass is an artful touch (and evokes his work on 1988's The Thin Blue Line). Throughout, a diverse array of experts from the U.S., Azerbaijan, Venezuela, and other countries explain how the 20th century became addicted to "the blood of the dinosaurs," and why contemporary society needs to change course. As attorney/activist Matthew David Savinar puts it, "Oil is our God." As Stanford professor Terry Lynn Karl adds, "More and more oil is going to come from less and less stable places...places that actually challenge the taking of oil in the first place." One of the more chilling revelations concerns the discrepancy between the reserves oil-producing nations claim they possess and the actual amount. These padded estimates allow them to drill with impunity, leading to an abundance of wealth in the short term and cataclysmic consequences once they've depleted their supply of this non-renewable resource. A Crude Awakening isn't exactly a day-brightener, but Gelpke and McCormack are comprehensive and impartial in their inquiry, which makes for an informative examination of a vitally important subject. Extras include extended interviews with four participants and bonus chapter Petrostates. --Kathleen C. Fennessy Product DescriptionAn unforgettable and shocking wake-up call, A CRUDE AWAKENING offers the rock-solid argument that the era of cheap oil is in the past. Relentless and clear-eyed, this intensively-researched film drills deep into the uncomfortable realities of a world that is both addicted to fossil fuels and blissfully unaware of the looming "peak oil" crisis. Drawing on an international cast of maverick energy experts and thinkers, directors Basil Gelpke and Ray McCormack debunk the conventional wisdom that oil production will continue to climb, and instead stare bleakly at a planet facing economic meltdown and conflict over its most valuable resource. Featuring a haunting score by Phillip Glass and a fascinating array of rare archival footage, the film explores oil's rocky relationship with human progress in locales ranging from ancient Baku, Azerbaijan to dusty oilpatch town McCamey, Texas.Amidst a dark and disturbing vision of our future, A CRUDE AWAKENING hints at a humbler way of life built around sustainability and alternative energy, providing a visually stunning, boldly prophetic testament which provokes not just thought but action. "

Lex's questions

This is what he asked:

"Elasticity:IF PED,PES,XED and YED = 1:What does it called?(Each situation)And can u show me all types of Taxes and goods...with the descriptions please....All RIGHT comments are welcome....!Thanks....
Posted by Mr.Lex at 14:57 "

My answers:

In monopoly the demand is inelastic because the monopolist can restrict output and/or rise price. There is less competition and also the MR = 0.

To answer your quetsion Lex:

If those elasticities are 1:

PES - 1 the supply line is going through the point of origin. This means it is UNITARY
PED = 1 = UNITARY. This means that if you raise or drop price then the revenue stays the same
.

If XED = 1: if price goes up by 10% then demand goes up/down by the same amount (you did not say -1 or + 1)

If YED = 1 then the income change and the change in demand are the same.

Now you tell me:

If the supply curve goes through the vertical then supply is elastic - why?

This is my last lesson this year!

So and end of term and year test:

1. What are the advantages of vertical mergers?

Vertical mergers:

a. economies of scale - technical, marketing, administrative

b. greater efficiency - productive? owing to economies of scale

c. control over distribution or supply. This may mean you can reduce the supply or distribution of competitors

d. the above will increase profits

This is an article about the selling of airports to increase competition

Why does the government want to increase competition generally?

a. promote efficiency - increase consumer surplus.... demand curve is more elastic....

b. encourge the reduction of costs and also prices to compete

c. macro economic benefits - keep out imports, encourage exports; growth; unemployment falls; inflation falls

d. allocation of resources

Strategies to avoid a hostile takeover

There are many strategies here

Poison pill: risky investment

White knight:third party

Pac-man: reverse takeover

Monopoly definition: legally : 25% (Fair Trading Act 1973)

Key ratio is the CONCENTRATION RATIO.

Any mistakes in the above?

It's so complicated!!!! I dont want to do it~

As I promised Chris, I will do the blog today,,,,it's so time consuming~~~~
(a)competition and supermarkets
"OFT cracks down on cartels"
Under its 'rip-off Britain' campaign, the UK government has already launched two major investigations into suspected anti-competitive price-fixing - into supermarket prices. The big five supermarket chains were cleared by the Competition Commission of making excessive profits but ordered to adopt a new code of practice for dealing with suppliers.

Supermarkets are placing "considerable stress" on British farmers through "invisible and pernicious practices", a Church of England report has said. Farmers seem to be unwilling to complain or to expose these practices for fear that their produce may be boycotted by the major retailers.

Against price 'fixing'
The supermarkets however have taken on the mantle of consumer champions. They argue that they should be free to give discounts on designers goods to customers who would otherwise be unable to afford them.
They say that in a competitve market designers should not be allowed to impose what is effectively 'price fixing'.
The supermarkets also maintain that requests to buy goods through official channels have fallen on deaf ears.

(b)Competition policy
The aim of this policy is promote compotition!!!!!!!
It ensures 1.wider consumer choice
2.Technological innovation
3. price competition
4.Investigate allegation of anti competive behaviour.

Methods of CP
1.Merger control
2.Market libralisation
3.Anti trust and Cartel
4.State aid and control
(details are on my notes)


THAT'S IT~~~~~~~~~^-^

Also...

This is me making my last post. He make me put blog at end of lesson! I have to do blogs on a) competition and supermarkets b) problems with diagrams in economics c) competition policy

But I have made a PROMISE I will blog when I go back to my flat!

University entry

i want to tell u about my frienda at another school. She has got 5 A in her AS subjects. but she got rejected from UCL and LSE. She studied Law, Economics, Maths, French, History. She applied for Economics pure.

Me!

This is me!

For my homework I have been told to:

a. read an entire Economics textbook
b. learn all the diagrams

Tomorrow we will be going through past papers and looking at current events in the Business Economics world.

First post

Hello

My name is Brenda and I am from Chengdu in China. I am here doing a Christmas course in Economics and Physics.

Every day I will write what I have done, what i intend to do.

I welcome all comments!