Was thinking I might as well update my blog since we're in the computer room ATTEMPTING to TRY (note the emphasis on us not being able to start our work the questions on perfect competition!!) to grasp the concept of perfect competition which has proven to be somewhat elusive.
Well it's a hilarious topic thanks to the tomatoes and asparagus story that Richard (my econs teacher) spent almost the whole lesson to narrate to us ever so animatedly, he's mental, but easily one of the coolest teacher ever!
For those who think I'm the most out of point person since the start of time, I gladly concede my title to him.
Right now, we are discussing on how production in countries overseas where labour is comparatively cheaper than the locals, resulting in the cost of the product would be cheaper, (if you got no clue on what i'm talking about, go back and read through your SS text, it's all in there man). Strangely enough Richard has this idea that Singapore’s labour is wwwwaaaaayyyyy cheaper than Australia, and when Lesley pointed out that in order for it to be cheaper than Aussie there would have to be 500 factories in Singapore, to possibly generate enough supply so the prices would be cheaper, BUT it would result in no more land for residential areas.
And so this notion popped into his head and he's more convinced than ever that since Singapore spends so much money on Research and Development (R&D) these top notch scientist/researchers would devote all their time to train mice to be highly efficient so 4 mice can carry a piece of paper instead of 6. And to have rapid industrial growth, Singapore would have underground labs that has mice to work for printing of text books, since they are the labour (variable factor), the firm would reduce cost from whatever you pay to hire people to one block of cheese! (cause that's what you pay mice, in cheese, as if money would be much use to them). And so the firm would be very very rich and then decide to hire santa's little elf helpers (at the cost of slighty more than nothing since santa doesn't pay them in the first place so they would happily work for you with the STAGGERING pay increase you're offering them) and the elves would make everything magical!
Yup, just a typical day at Econs.

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