Explain the simultaneous increases in the price of lithium

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Discussion Post: The Basic Economic Problem

Part I

Watch the short video, Scarcity, The Basic Economic Problem, to help you think about this week's discussion.

Start your discussion by responding to these questions:

1. What is a scarcity problem you've experienced in your work or home life (in Memphis,TN?

2. What system could you use to manage your scarcity problem?

3. Be sure to respond to at least one of your classmates' scarcity problems and provide an additional idea for a system to help solve their problem.

Part II

We learned that the interaction of supply and demand determines prices and output levels in markets. Prices and output levels change when either the demand curve or the supply curve shifts. Sometimes price and output both increase and decrease. Sometimes one increases while the other decreases.

Lithium is used in rechargeable batteries for computers,?phones,?other electronic goods,?and even certain cars.?Demand for lithium was low as recently as the early?2000s.?Since then,?both the price of lithium and the production of lithium have more than doubled.
Start your discussion by responding to these questions:

1. What could explain the simultaneous increases in the price of lithium and the production of lithium??Use supply and demand curves to explain your answer.

2. Hint:?Price and equilibrium quantity have both increased. Would a shift in the demand curve or a shift in the supply curve lead to this result?

Part III

Watch the video, Revenues, Profits, and Price, to help you prepare for this discussion:

Start your discussion by responding to this question using the company for which you currently work, a business with which you're familiar, or the dream business you want to start:

1. What are some key fixed and variable costs for this business? Remember, fixed costs do not change when output changes. That is, fixed costs remain even if the company is producing nothing. Variable costs increase as output increases.

Reference no: EM133493556

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