Welcome to Sleepy Art, where I shall post the random, bizarre, and occasionally frightening pieces that I transfer from my mind to a blank canvas in a simple Paint program.
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
Monday, September 10, 2012
Friday, September 7, 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
Monday, August 6, 2012
Sunday, August 5, 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
Thursday, June 14, 2012
Friday, June 1, 2012
Thursday, May 24, 2012
Thursday, May 17, 2012
Tuesday, May 8, 2012
Monday, April 30, 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.
Prices." Bloomberg. 10 Feb. 2012. Web. 24 Apr. 2012.
The article used for this analysis can be found here.
Sunday, April 22, 2012
Monday, April 9, 2012
Sunday, April 8, 2012
Monday, April 2, 2012
Monday, March 26, 2012
Wednesday, March 21, 2012
Tuesday, March 20, 2012
Monday, March 19, 2012
Tuesday, February 21, 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
Friday, February 3, 2012
Thursday, February 2, 2012
Friday, January 27, 2012
Monday, January 23, 2012
Sunday, January 22, 2012
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