Question 1

Summary

There are two different questions based on two different scenarios and the context of the modern world. The first question is about the impact of technology taking place on the demand and supply aspect associated with conventional media. Technological effect on the sales of printed media in terms of demand and supply is the major perspective here. According to top economists and theorists, a dramatic fall in the case of the sales and revenue, as well as the employment rate of the newspaper industry, can be seen during the last decade. It is a fact that in this modern era, the gravity of a major part of media consumption trends towards social media, online news publication and other new mass media. Due to this, a shrinking condition has been aroused which can be better experienced inside the newsrooms as the traditional media of news printing has fallen far behind the new media and people think it as a technological impact which is the topic of this critical analysis.

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Theory

As it has been illustrated in the graphical representation of demand and supply curves of traditional media, a concrete theory on the basis of pricing of the newspapers and the supply element can be analyzed in terms of quantity slant. The slant of the demand line has gone straight but the slanting line of supply has gone more and more downwards and it can be observed in the regular lifestyles of the common citizens. As anyone can see people show great interest in reading the morning newspapers and they like to go through the world news section, the entertainment, the economy, and the sports sections more frequently with a cup of tea at their beds. So, how can people deduce that technology has eaten up the traditional style of news reading? Before, twenty years when traditional media was the only source to gain information about the whole world, people rely on the printed newspaper as there was no social media or sophisticated styled magazines and the entire public was also not acquainted with television sets or radio habitually. However, with the commencement of new technologies and cultural changes, the new mass media gained great popularity. As per the study of Matthew Gentzkow, the winner of the most prestigious Clark Medal the war between traditional media and the online media has been introduced in the last twenty years, but it seems the bankruptcy and downfall of the printed media was an issue which was perceived earlier than the technological advancement. This economist of the University of Chicago also stated that the new generation of adolescents is showing more and more interest in the mass media rather than reading a newspaper, which will carry adverse impact with it which has already outpaced their living style and perceptive knowledge. According to Kirchhoff, the new media companies are showing tremendous efforts and interests to capitalize the modern technologies and other advanced platforms so that they will end up like others and they realize the fact that the conventional style of the reading newspaper has gone obsolete and there is no dubiety in it. He also mentioned that many figureheads of bankrupt newspaper agencies claimed that due to the technological emergence of a new style of media, such as web publications, social media networks and e-news, they had to shut their places down.

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Utilize

Figure 1: Demand supply Curve for Newspaper

There are various theorists who take the issue of technological impact quite seriously because it is very much clear looking at the graph of demand and supply curves of newspaper readers in line with price and quantity of news publications that substantial amount of shortfall in case of traditional media is due to the technological impact in the news industry. Among other reasons, they think that a greater level of accessibility related to the new media causes this scenario of downfall as the supply line in the graph is deviated drastically from the anticipated line of the path. It is also clear that the intersection of these two demand and supply lines is below the point of projected measures, where the price is also very low along with the supply element. About the other graphical representation, a blockbuster effect related to the new mass media can be observed. According to the illustration, a major part of the public seems to be inclined towards online media and social media news sources. Then, the television sets, magazines and FM Radio come behind the social media networks.

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Figure 2

In line with the studies of famous economists, pointing out a single most reason for the downfall of printed media will be absolutely wrong as it is a force driven by multiple aspects and reasons. But, blaming the technological impact only is not also the viable reason behind the ongoing issue. According to them, the news agencies have very few editorial staffs for which a gap has been created unintentionally. It is like an ugly truth that in this era when everything is happening so fast, people want quick information about their favourite sectors and fields and newspapers have failed to provide this very imperative component and therefore, the readers gradually lose interest in reading long paragraphs. Rather they get much faster information by relying on the new media which comprise- televisions, radios, FM, online publication and luxuriously printed materials. Blogging is a very highly developed technology with the help of which people stay connected with the latest discussions and debates and the huge defence of demand and supply can be seen in the case of the Obama campaign which was organized in the year 2008. This campaign relied on the internet platform and used social media to reach the public. It is the perfect example of why the traditional media has gone downwards. The global economic crisis is another negative force that rammed this situation over the thriving situation of the printed newspaper industry. The declining nature of relationships along with failure in case of monetization towards the modern online efforts and less advertising funds are some of the other grounds which got shattered and printed media is falling into the abyss alongside the new media is flourishing.

Analyze     

Now, if the perspectives of the public will be discussed, a fact that comes to the surface points towards the fear of people. It reflects the mindset of the people that if they will go for the conventional newspapers, they will fall behind the competition where information sharing is so quick that with a click the entire news information about the whole world can be known just by sitting at their places. Nobody is denying the fact that reading newspapers is the only authentic way of information sharing but it is also not wise advice to stick with the old-fashioned style of media. As an economist myself, I suggest blending with the latest technology and starting publishing online newspapers and advertisements. Serious soul searching is required for the practitioners of traditional media as balancing the new mass media with the traditional style of media requires a high standard of practicality, where the board of directors of giant newspaper organizations have to comply with the growing technological impact on the newspaper industry. They have to accept the reality about conventional media that it is just a way of getting news like there are other news sources available in the world. People have not really lost their interest in reading newspapers, as a matter of fact, who doesn’t want a morning newspaper with the first cup of coffee or tea at the beginning of a new day. It is just that the people want the news from faster ways and they want to cover all the sections within a limited amount of time as the competitiveness has also risen to a considerable level in this period.

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Question 2

Summary

As mentioned above in the first part, the assignment is based on two different questions; the second question reflects a scenario of demand and supply curve related to illicit drugs. The inelastic demand for drugs these days is the major point of attention here in the second question. The question also puts light on the courses of actions by which government revenue can be utilized in the education of the entire NT populaces. With this initiative, people will stay away from serious health calamities. According to the government officials and law enforcement officers, the Northern Territory is the most drug-affected area which is also the source of increasing criminal activities in this area. The police department of NT keeps busy taking down the increasing rate of criminal activities as well as drug trafficking. Various drug lords and peddlers are the reasons for all the unlawful activities that lead to serious and heinous crimes. The question mainly focuses on the demand and supply related information of these drugs in NT.

Theory

According to the top theorists, the curve of equilibrium helps a lot to understand the relationship between two core elements of the drug market which are- demand and supply. As per their studies, the demand and supply point varies along with the diverse price ranges of different drugs. The price line in the graphical representation has been found to be on upward movement but on the other hand, drastic downfall has been seen in the case of the demand and supply chain due to the new policies implemented by the government and the tight watch by the police department. Due to all these reasons, the demand and supply graph of drugs has failed to continue on its projected course and can’t generate up to the mark revenue.

As per the research of Rasmussen and Benson, the drug price is highly dependent on the availability of a variety of different drugs and the same goes for drug dealing. According to the two researchers, the act of prohibition in the drug dealing market is the cause of more crime as well as violent activities. Crime is the negative result which has been seen in the Northern Territory which has gone farther when the dealing drug is prohibited in the areas. Another major impact in the form of crime and bloodshed has weakened the market of drugs by deteriorating its demand and supply chain. Along with all of these, the immediate reinforcement to a drug scene also affects the surroundings in a negative manner which has also an adverse effect on the whole community. The Police department has tracked down some of the most notorious drug lords and criminals as well as drug deals and peddlers to reduce the crime rate. Nowadays, different branches of police at different levels work for the government to track down suppliers, dealers and even the main production sources. According to another theory of Rasmussen and Benson, the current scenario of the demand and supply graph of drugs is strong enough to draw the addicts to join their old unlawful habits.

Utilize

Figure 3:  Before Strike Force

The government has utilized the downfall of the supply and demand graph of drugs and initiated many educational programmes within the provinces of the Northern Territory so that people will know what is the wrong thing they are doing? And what are the dreadful effects of those poisons on their bodies? The government of NT has come up with some stringent rules and regulations prohibiting people to take drugs and on defying they get seriously penalized. From the statistical view of the Bureau of Justice, approximately sixty per cent of drug criminals and drug addicts started taking drugs after being taken down for the first time by the police department which is very shocking news. In the early days, a thriving market of drugs can be perceived in this Northern Territory. During this, the demand and supply chain was quite successfully growing which can be perceived from the $100 each gram scenario. The fact has been derived from the illicit drug data report of the NT. Due to the greater rate of convictions of drug lords, the supply cost of the drugs got increased and the availability of the drugs got dramatically decreased.

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Figure 4: After Strike Force

The left side shifting of the drug supply is quite clear in the graphical representation and after this, the demand and supply related equilibrium curve are on the rise which has increased the rate of each gram of drug. The drugs that cost $100 back then, now costs $122 due to the decrease in the equilibrium amount which is now decreasing by 95 gms each day. Therefore, it caused adverse effects on society and terrible crimes have been increased and the inelasticity associated with the supply and demand curve is the main reason here. With the increase in criminal activities, the police department has got sterner and therefore causing a sharp increase in the total drug-related expenditure as the price per gram of drugs has increased. According to the two theorists, the more the demand and supply graph of price inelasticity will be, an increase in the drug responsiveness will also occur in the market. It is because drug price elasticity is equal to the ratio of the percentage of change related to the quantity to that of the price.

Analyze

The drug addicts who can’t get access to their regular dosages get involved in heinous crimes to buy drugs from the same market but with the enhanced price figures. Therefore, as an economist, I would recommend the government to form productive strategies to fight against non-drug crimes as the criminals finally end up taking drugs after the conviction. After pressing the knob of illicit drug activities towards negative mode, a criminogenic impact can be seen in the regions of NT that has led towards the rising price market of the drugs which is also strengthening the opportunities for new drug lords who are waiting there to start drug dealing from the beginning as the market will be more ravenous for drugs. The crime datasheet presented by the theorists reflects the increase in apprehending the drug criminals which put the Police Department’s focus much away from other atrocious crimes, like- murder, rape etc. It also boosts the lower arrest probability in the case of other non-drug criminal activities. To lessen the element of risk, the drug dealers have appointed adolescents and even small children as they are less suspicious. In case of this scenario, the government should focus on implementing laws and regulations by decreasing the age limit of confinement and penalty for young drug peddlers. The motive here is not to put all the offenders into jail but to scare the criminals before thinking about handling the drug market with the help of juveniles. By highlighting the effective strategies and approaches from the criminal subculture, drug activities can be diminished from the societies of the Northern Territory. The government has to invest more in the law enforcement authorities of the provinces of highly concentrated drug-affected areas. With this approach, help can be availed at all the drug scenes immediately and there will be no neglect towards both the drug-related and non-drug crime. For the public safety issue, the governmental and non-governmental bodies have to be more concerned and establish law enforcement bases within a definitive distance of highly drug-affected territories all over the NT.

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