01 May 3. Would selling oil from the Arctic National wildlife refuge substantially affect oil price given that price elasticity of demand is -0.25, the price elasticity of supply of oil is 0.25, the pre-Arctic National Wildlife Refuge daily world production is 94 million barrels per day, the pre-Arctic National Wildlife Refuge world price is $50 per barrel, and daily Arctic National Wildlife Refuge production is 0.8 million barrels per day? Assume that the supply and demand curves are linear and the introduction of Arctic National Refuge oil would cause a parallel shift in the world supply curve to the right by 0.8 million barrels per day. (1.5 points)
Kodak was known for being in the film industry. It was a giant in its day and was prided as one of the most powerful companies in the world at one point (Anthony 2016). But in recent years the company filed for bankruptcy and is now trying to reestablish a position in the market. One of the main reasons Kodak experienced failure is because they refused to adapt and evolve along with the consumer. As technology continued to advance, the digital camera was invented. Ironically, Kodak was the first company to invent such a device but chose to continue being a film company and didn’t jump on the opportunity to market and pioneer the way for digital cameras. Instead, competitors like Sony and Canon marketed their digital cameras, and by the time Kodak tried to catch up, it was already too late. Kodaks market share as already in decline. In 2001, Kodak purchased a photo sharing site called Ofoto (Anthony 2016). They had an opportunity to adapt to the changing environment of photos moving further away from printed photos to digital photo sharing. However, Kodak used the site to try to get customers to buy printed photos that were taken with their digital cameras. As the consumer needs changed, Kodak didn’t change the focus of their company to provide competitive products and services that consumers wanted. Kodak was stuck in the world of film while everyone else was moving forward. This led to the decline of Kodak and filing for bankruptcy.
After filing for bankruptcy protection in 2012 and selling off its patents, Kodak reemerged as a much smaller company (Anthony 2016). Kodak is now attempting to regain substantial market share by modifying their products and services to current trends and consumer needs. A quick navigation of their website (Kodak.com) will show they are intentionally rebranding and revamping the company. The first thing I read form the website is, “Kodak is a technology company focused on imaging.” Kodak recognizes that it can’t be solely in the film and image company and has branched out into technologies by relying on its well-known company name. Also, from the navigation of the website, I see Kodak is attempting to integrate itself with the current consumer culture by partnering with a clothing company Forever 21 to sell shirts that have the nostalgic Kodak brand name and colors and even partnering with a company called Girl Skateboards to do the same. An important part of Kodaks current plan to reenter the emerging technology and imaging markets is by marketing the nostalgic aspect of Kodak. Kodak is trying to get the consumer to remember the classic brand in a good way in hopes that it attracts new customers. I see an example of this by the decision Kodak made to develop a new version of Kodaks famous Super 8 camera.
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