Week 1 Discussion: In my work as a freelance graphic designer in Memphis, TN, I often face a scarcity problem related to time management. Balancing multiple client projects and meeting deadlines becomes challenging when there are only limited hours in a day.

To manage this scarcity problem, I could implement a system where I prioritize tasks using the Eisenhower Matrix. This method involves categorizing tasks into four quadrants: urgent and important, important but not urgent, urgent but not important, and neither urgent nor important. By focusing on tasks that are both urgent and important, I can ensure that crucial deadlines are met while also allocating time for important tasks that might not be immediately pressing.

I noticed a classmate, Sarah, is experiencing a scarcity problem with maintaining a healthy work-life balance due to long work hours. One system she could use is the Pomodoro Technique, which involves working for a focused 25-minute interval followed by a 5-minute break. This technique could help her manage her time more effectively and prevent burnout.

Week 2 Discussion: The simultaneous increases in the price of lithium and the production of lithium can be explained through the interaction of supply and demand curves. The price and equilibrium quantity both increasing indicate that both the demand and supply curves have shifted.

The demand for lithium increased significantly due to the rising popularity of rechargeable batteries in various electronic devices and vehicles. This shift in the demand curve led to higher prices and quantities being demanded. At the same time, the production of lithium doubled, indicating that the supply curve also shifted to the right.

In this scenario, the shifts in both the demand and supply curves contributed to the price and equilibrium quantity increase. A shift in either curve alone would lead to either price increase or quantity increase, not both.

I noticed that a classmate, Mark, provided a similar explanation for the price and production increase. He also mentioned that technological advancements in lithium mining and extraction methods could have contributed to the higher production.

Week 3 Discussion: For the tech startup I’m planning to launch in Memphis, TN, which focuses on developing smart home solutions, I’ve identified key fixed and variable costs.

Fixed Costs:

1. Rent for Office Space: The cost of office space remains constant regardless of the level of production.
2. Salaries: The salaries of permanent employees, such as developers and designers, are fixed costs as they are paid regularly irrespective of project volume.
3. Software Subscriptions: Licensing fees for software tools and platforms used in the development process are fixed costs.

Variable Costs:

1. Raw Materials: Components used in creating the smart home devices incur variable costs as the more units produced, the higher the cost.
2. Manufacturing Labor: Contract labor hired for assembling the devices incurs variable costs tied to production levels.
3. Shipping and Packaging: Costs associated with shipping products to customers and packaging materials increase with the number of units sold.

In response to a classmate’s post, I’d like to suggest considering Marketing and Advertising Costs as an additional type of cost. These costs can vary based on promotional activities, campaigns, and advertising channels used to promote the smart home solutions.