The presentation by Kristy Qawiyy was informative. From the paper, it is evident that both supply and demand are influenced by changes in price. Also, changing the price in one region, the United States, may produce a different impact as that witnessed in South Korea. To bring the point home, the student used examples of products such as water, television, and internet to illustrate the effects. However, one is left wondering why the student used products such as water and TV to demonstrate the elasticity instead of using auto spare parts such as the bonnet, bearings, tires, and car seats.
It would be eminent for the student to clarify the economic reasons for increasing the prices and the effects after that. For example, the student can state that there is higher demand and lower supply of spare parts in the United States when compared South Korea. Moreover, when defining the law of demand and supply, there are factors kept constant (Vargas & Cortés, 2017). It would be interesting to note whether the elements held constant in South Korea are similar to those in the United States.
Sarah ONeal introduces the topic by identifying significant differences between the United States and South Korea. In particular, South Korea has cheaper labor and lower taxes when compared to the United States, and this warrants the increase in price if the manufacturing plant has to be moved to the United States. In essence, understanding the busines…
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