When you have watched the videos, write about the following:
- Discuss the determinants of demand and supply, and which of these determinants apply to the success of Zeppelin and to Airship Ventures.
- Discuss the role technology has played in the return of the Zeppelin. Review the different market structures (perfect competition, monopolistic competition, oligopoly, and so on) to identify which market structure best describes Zeppelin and which best describes Airship Ventures.
- List three determinants, or variables, of demand and explain how changes in those determinants could result in the continued success of Airship Ventures.
- Finally, express your thoughts on airship travel. Do you think it is a good idea? Under what circumstances would you want to try it, if ever?
- The determinants of demand include change in consumer tastes, change in the number of buyers, change in consumer incomes, change in the prices of complementary and substitute goods, and change in consumer expectations. The determinants of supply include change in input prices, change in technology, change in taxes and subsidies, change in the prices of other goods, change in producer expectations, and change in the number of suppliers. The most major determinants that apply to the success of Zeppelin and Airship Ventures include change in consumer tastes, change in technology, and change in number of suppliers.
- Technology is the major force that changed consumer preferences. Now that Zeppelins are safer and more advanced, more consumers are turning to Zeppelins as an option of transportation. I believe that the best market structure to identify Zeppelin is monopoly, and the best market structure to identify Airship Ventures is oligopoly.
- Three determinants, or variables, of demand that can result in the continued success of Airship Ventures include change in consumer tastes, change in technology, and change in input prices. If consumer tastes start to incline toward Zeppelin, then Airship Ventures will be able to increase their sales and profit. Advanced in technology would further change consumer tastes and also help decrease certain costs. Decreases in input prices means that Airship Ventures will be more efficient and will earn more profit.
- Yes, I believe airship travel is a good idea, especially for industries such as tourism. I would like to try airship travel in a small area, where the sky is clear and the view is magnificent.