Tuesday, November 27, 2012

Saturday, November 10, 2012

Monday, October 15, 2012

Saturday, October 13, 2012

Kiddy Pool Arson

Thomas enjoyed a healthy chortle as flames overtook the children's water-based play area.

 

Monday, October 8, 2012

Friday, October 5, 2012

Sunday, September 23, 2012

Tuesday, August 21, 2012

Wednesday, August 15, 2012

Children of the Cone

It's no use. You can run, but you'll never escape their coney goodness. Give in, and become one of them.

 

Wednesday, August 8, 2012

Face Gone

I was so sad when Jazzy left that my face fell off in sadness.

 

Monday, August 6, 2012

Saturday, August 4, 2012

Monday, July 30, 2012

Sunday, July 29, 2012

Saturday, July 28, 2012

Sunday, July 8, 2012

Sunday, June 17, 2012

Beth Does Meth

A lovely new book that your children will ask to read again and again.


 

Thursday, May 24, 2012

Monday, April 23, 2012

Economics Individual Study - De Beers Diamonds

 

Real life is quite similar to Minecraft.


            Diamond supplier De Beers is reporting a much-needed 27% increase in sales for the year 2011 after a sudden rise in demand, particularly in the US, India, and China.  De Beers is a group of companies that has dominated the diamond industry since the twentieth century, during which time it engaged in monopolistic practices to manipulate the market in its favor.  The market for diamonds currently stands at an oligopoly, meaning it is comprised of just a few businesses.

            Before examining the details of De Beers’ supply and demand curves, it is worth noting how diamonds first became popular.  Diamonds have been treasured for thousands of years, ever since their discovery in ancient India where they were used to represent religious icons.  They were also very popular as engraving tools during ancient times.  The market we are currently familiar with, in which diamonds are used as gemstones, appeared during the nineteenth century after increased supply and effective advertising.  Product placement along with the memorable slogan “a diamond is forever” helped revive the American diamond market in the twentieth century, making it a popular luxury item.

            The sudden increase in sales is especially welcome because the company has faced massive losses in the past few years due to the recession that struck globally.  Elasticity helps explain those losses.  Diamonds are considered a luxury amongst consumers, as they do not fulfill any basic requirement like food or shelter.  Because of that, luxury items are the some of the first to be cut from consumers’ budgets during an economic crisis where disposable income decreases.  The graph below represents consumers leaving the market, causing the demand curve to shift to the left.
            As we can see, this also causes the equilibrium price, where the supply and demand curves intersect, to decrease.  However, this leaves the supplier with excess goods that are costing money to produce, but providing no return.  The supplier must act accordingly, in this case, by producing less of the good.  De Beers was forced to reduce the number of hours its miners worked, and in some cases, halt mining in various parts of Canada, Botswana, South Africa, and Namibia.  Lower production of the good will cause the supply curve to shift to the left as well, reflecting the lower quantity of the item that is being produced.

            As nations recover from the global recession, consumers have begun to re-enter the diamond market due to higher levels of disposable income.  Not only have more US consumers entered the market, but the increased prosperity and economic stability in China and India has led consumers there to enter the market as well.  When buyers enter the market, the demand curve shifts to the right accordingly.  To avoid a shortage, the supplier will begin to produce more of the product, causing the supply curve to the right to reflect the sudden increase in quantity.  The equilibrium price will increase, as well.  In the case of De Beers, it was able to resume standard mining practices.  However, De Beers still calls the recent increase in sales “disappointing,” as it does not meet the previously anticipated revenue that would help them recover from the lousy sales in recent years.  De Beers must continue to face its few competitors and work to recover from the recession that affected countless businesses.


Works Cited


Epstein, Edward Jay. The Rise and Fall of Diamonds. Simon and Schuster, 1982. Print.

Marais, Jana. "De Beers Sales Increase 27% on Higher Diamond Demand,
        Prices." Bloomberg. 10 Feb. 2012. Web. 24 Apr. 2012.
 
 The article used for this analysis can be found here.





Monday, April 9, 2012

Sunday, April 8, 2012

Assassin Steve

Assassin Steve's gotten a lot of business lately, but this is his biggest job yet.

Monday, March 26, 2012

Wednesday, March 21, 2012

Tuesday, March 20, 2012

Public Static Void Man

He's here to solve all your Java problems! (And there are plenty of those.)

Monday, March 19, 2012

Friday, February 17, 2012

Tuesday, February 14, 2012

Everybody Hates Gravel

Tune in to the Minecraft Channel this Sunday at 8pm to see the newest show everyone's been buzzing about!


Thursday, February 9, 2012

Monday, January 23, 2012

Sunday, January 22, 2012