Reflection

Over the last six weeks I have learned a lot in the theory of supply and demand and through the financial welfare taught through moneyskills and through the economics book. Although I am not keen on learning most of what I have over the past six weeks through a computer it proved to be somewhat effective. I have learned the "ins" and "outs" of an industrial setting. I don't make myself out to be an intrinsic working so when placed inform of a computer and told to work on a blog both inclass and at home I was not in a word thrilled. I enjoy learning through communication personally with teachers and students. Although it was enjoyable learning more about my passions and writing about it I didn't feel inclined or pushed to work. I'm the girl who likes to write homework, not type it. Which in a way is a stupid concept. But I'm not an intrinsic learner and not all students are. Some need more motivation that others. I'm the one craving motivation. I thought the concept of including new technology into the classroom with blogs was interesting but not at all what I expected. It was extremely convenient to be able to go home and look at the homework assignment on the computer. But when blogs were incorporated I lost the want to go on the computer and do my homework. I have only so much time I can spend on the computer before other people in my family need to use it for work. Although striving for convenience the concept also goes against convenience. I think if this method of learning were to come into play again it would be evaluated as a students availability to do it. Mr.Aurone Is an outstanding teacher and is a teacher striving for change and quality in technology for the good of a class. I had enjoyed being in class during lectures because of the interaction and discussions on topics between students and Mr.Aurone. I think the class was very effective in teaching me the concepts of Economics in such a short period of time. The way the teaching was brought about was enjoyable aswell. Change and difference in a classroom setting such as using blogs was a new and interesting way to absorb what the curriculum inclined.

Chapter seven, eight, and nine.

Chapter Seven

When it comes to highring actors and actresses the production companies holding their paycheck expect nothing less then a perfect performance. The presidents of a production company the business firm of the performance industry have the definite, last say in who is highered by previous performances for a future one. The ink will never touch the contract unless approved. Anything less than the expected of an actor is shirking. Shirking through the theatre industry is obvious not just to the companies but to the audiences. If an actor is not in full character, not taking on their full role it is obvious. When a person buys a ticket to view a performance they expect the full effect and realism of the production. Anything less will be scrutinized in reviews and lower the possible future ticketsales for the production company.

If ticketsales drop due to an actors shirking performance it effects the treasury of the companies all tied to the production wanted success. If the tickesales do not benefit the cost of the production the sole proprietorship of the production, the production companies president takes the role of responsibilities. The finances for a company don't receive anything if the production is below par. A production ties in so many companies to pay as well as actors, there are corporations as well as the stockholders invested in the corporations, and the usual partnership play writers. All of those involved are effected by the success of a performance that all depends on the actors.Thankfully there is limited liability when it comes to productions. Depending on how much was purchases or put into the production is all that is at risk to have problems reimbursing. A company is smart to finance and take care of their assets not plugging them al into one huge production. Because if all assets are lost the person at risk has little or no money to benefit from, after putting so much into the production. The treasury branch or accounting branch of a company needs to take into consideration the average total cost for the production and the possibility of furthing to a marginal cost, that will effect the possible marginal revenue to benefit the company.

Besides being the president of a production company the person in full charge is usually the franchiser, and head of the board of directors for decision making on behalf of their franchise. A production companies franchise is viewed through play bills, tickets, posters, billboards, and money invested in a production. A franchisee may be an entrepreneur and branch out to different companies and put the production companies name open different billboard or open in different theatres across the country but still in direct control from the franchise itself. All of this input and output and possibilities lay in the boundaries of the law of diminishing marginal returns that would greatly effect the future input and output of capital in a production companies franchise.

Chapter Eight

The Market structure in reference to the theatre district is all based on popularity and the money brought in through performances. But it is likewise that any producer of a production would want the most for his/her dollar.In the field of Performing arts specifically Broadway there is a wide market as well as a wide variety of performances upping the field of competition(perfectly competitive market). In the sense of market competition in this industry many companies proved the same good needed to put on an admirable performance. Many supply backdrops, props, costumes, fabric, curtains, lights, and make-up. There is a huge need for specific things such as makeup because theatre makeup is not supplied in the everyday drug store. Other things like backdrops are specifically designed for a certain show or setting such as a living room or boardwalk. The supply for such goods are abundant but in only a certain district or market. You cannot find the goods needed for great performances at normal clothing stores, house supply stores, or furniture stores.

Backdrops fantastic supply an enormous array of backdrops for occasion, and performances bringing in a variety of costumers. They provide backdrops for occasions such as new years, birthdays, luos, and Mardi gras. Besides these Backdrops fantastic supplies backdrops for the performances such as The Wizard of Oz, Willy Wong and the Chocolate Factory, Candyland, Shakespeare's Romeo and Juliet, and Moulin Rouge. Backdrops Fantastic is a very prominent company in the theatre district providing most needed backdrops with amazing detail. Backdrops fantastic's displays are seen throughout Broadway and our the number one most well known providers.

This provision of backdrops for the theatre district is not so good for other companies such as David Ludwig who is a very personal designer for backdrops. Despite his personal design and beautiful backdrops, his backdrops are more expensive to rent, and his collection does not have even close to as many as Backdrops fantastic. Many producer are price takers in the sense that they rely on a set budget to finance their spending.Therefore with lower prices and a larger selection many theatre companies would lean towards Backdrops fantastic as a supplier.
In competition for a product it is more profitable to be the only one with a product. In a theatrical stance, a play right, or rights to a musical is a unique product. When a production company buys the right to perform a musical they buy the rights from the writers themselves. In this case lets take Hairspray the musical for example. Mark O'Donnell and Thomas Meehan the writers of the musical are the only providers for the rights to this musical. This would be considered a monopolistic market. With these two having been the writers and the only providers for the production (any unauthorized production is illegal) are the only holders as well as the only sellers(price searcher) for this musical. This copyright to the musical for the writers is a loose consideration of a public franchise in essence that it is illegal to perform without the consent of the copyright holders. And it is hard to break the barriers of entry due to the fact this is such a unique musical and cannot be copied in any way for a production. And through the plawrites only one production company holds the Hairspray production on Broadway to increase their income and eliminate the competition for this musicals ticketsales.
This sense of monopoly in the theatre industry comes into he forms of artistic rights. It is only fair and moral that a writer of a musical, song, or script should have all rights to who or what produces or uses their work to their advantage. Advantage being as in credit for the production, and any possible profit from this production. The Mona Lisa is not something that can be taken credit for by any other artist then Leonardo Davinci. It is a beautiful work of art and should be recognized by the public as the work of a finaminal artists. Writer find their works as Davinci found his art. It is their craft they want to be recognized for, not someone else to be recognized for it. Although in reference to the copyright holders this goes against the idea of antitrust laws, wanting to promote competition, it does not coincide with the copyrights because the artist being he only one to produce it, it is right to be this way and the craft to only be given credit to the crafter.

On the other hand longitudinal to the monopolistic market is the monopolistic competive market of the performance arts industry. When it comes to ticketsales many people, tourists, theatre goers, critics, and just interested people in the arts will purchase tickets to see a performance. The tickets are sold for many performances ranging from scary and funny to romance and comedy. The ticket sellers have a ride array of goods being the different types for tickets to sell to viewers. And when it comes to the sellers they all profit the production but are sold by different companies. Companies such as ticketmaster, Broadway, and Buy Tix, are only some of the many providers of tickets to the general public. It would seem and easy entrance and exit form the market would be somewhat easy but nonprofitable for companies unless tied to contract for a production.

Another possible market the theatre district slips itself into is the oligopolistic market. In the buying and selling of lights specifically stage lights it is very common multiple companies will fights to be the highest seller. Their are few lighting companies that sell the large high voltage lights needed to bring life to a stage of actors and actresses. A huge safeguard for this industry is the knowledge of the trade, electrians are the only certified people to enter this type of industry for the hookup and setup of the lights to the stage and systems required to work the lights. Schooling is needed to become an electrician making it harder to get into the industry of lighting for stage performances.

Different companies in the theatre industry work together to eliminate the competition and the possibility of flourishing companies. Many will make an understanding on timing and releases for performances as well as theatre usage and the highring of actors. If one company wants an actor to perform they may make an agreement for timing of a musical to adjust to each other needs. This cooperation between he two companies is an example of a cartel agreement used to benefit the companies but not other ones.

The theatre industry is a cut throat industry. Specifically acting. Many companies will pay different actors different prices no matter if they are better then the other to accommodate prices and their skills. This price discrimination effects the actors in callings to perform and try out alike.

When it comes to acting, performing, companies, and competition the theatre industry is a prime example of an economy where skills and know how are needed to further a companies future or an actors career. The theatre industry in nothing less then a tough business, a tough market tied into a large and wide spread area. From smaller theatres to Broadway all production's alike and the productions creators fight the industry to succeed and to put on an outstanding show.

Chapter Nine

For actors depending on role and on talent sets the course for their income. If their performance isn't substantially good they would not be payed as much for a fellow actor but with more talent. Their is no set wage rate for actors in the theatre industry just rates for people such as in the orchestra or backstage. The wage of an actor depends on their talent. When it comes to the orchestra their is always a demand for specific musical performers in the forms of instrumental. They want talented reliable instrumentalists who can perform to their highest ability. And with this demand comes a derived demand for orchestration directors. An orchestra cannot perform to their highest ability without an outstanding conductor.

Currently the lowest wage, the minimum wage you can pay someone legaly is $6.75 an hour to coincide with the minimum wage law. This wage does not count for those in productions. Most actors and actresses are not paid hourly wages but wages depending on the number of performances and touring. Most actors although not paid extremely high are paid substantially for the fact that months of theory lives are dedicated to specific productions where as many as three performances can occur in one night. Many actors though are not set on wage. A true passionate actors dedicates his time not for the money but for the love of performing and doing what they love.

It is not common in actors but in companies it is common for the business workers working for a franchise to have a labor union that strices for the best income for their work. The theatre industry through research is not seen to hold or have ever held closed shops just for the few union workers under their employment, as well as neither the holding of union shops before the Taft-Hartley Act was passed.It should be the passion in performing arts would drive people to work to benefit performances. So if not the passion then they should have no place for union workers to strike for better wages and conditions. The theatre industry is not so much of a needed job as a wanted job to pursue. I think the right-to-work law has encouraged the pure enjoyment of working in theatre and not for money.

I believe the working in the theatre industry can't be based on money but based on love for performing. Their are such things as starving artists, what of starving actors. Although actors are more provided for through companies they should have just as much passion in the art of performing as if it were their life which it should be for a dedicated artist.

Supply and Demand in reference to performance Art.

In the Art industry specifically performance arts there is a great demand and need for talent in the forms of directors, stage designers, costume makers, and stage managers . But the most prominent demand is in the form of finding the talent presented on stage, the talent of the ones in the spot light, the actors and actresses of musicals, plays, and other forms of performance arts.
When casting for roles directors usually go through management companies who help aspiring actors and actresses find auditions or gigs. The few who get the big roles are lucky. Those in need of minor roles or "extras" are given fixed and equal pay as others looking for similar roles. When a director requests a certain number of "extras" the management company will give a number of actors and actresses available for "extras" positions coinciding with the fixed wages. This fixed wage and price given for a specific number of "extras" is an example of quantity demand. Another example of quantity demand is buying supplies for a production in bulk. Such as twelve thousand fake flowers for one hundred dollars. Or three backdrops for three hundred dollars. Quantity demand is prominent when buying supplies and talent for a performance.
In the performance industry there is a market for a variety of things required to present an enjoyable performance. Although there is not an exact location for this market there are many companies providing props, stage makeup, fabric for costumes, the managements agencies, lighting, backdrops, ticket sales, as well as advertisement. The market for Broadway or any other small theatres all go through the market to provide themselves with the essentials to a good performance.
Demand schedule
The least active time for the theatre district in New York City is during the summer months the law of demand is evident during this time. Not as many supplies for venues are being bought, not as many backdrops, lights, or fabrics are being purchased. There is barely any work for the striving actors . With the defecate of performances comes a drop in the prices in almost all goods in the theatre market. This drop in demand is due to the drop in demand for performance. Many people during the summer months want to go out on the warm summer nights or vacation not be cooped up in the hot New York City setting. But as the winter months and fall months come closer with colder nights and not as much activity outside people enjoy the insides of theaters to watch a performance. This view of the law of demand is why many large and well known Broadway musicals are advertised and held around the winter months.
It is true in the fact that the private boxes and the middle row, closer to the stage seats are usually the wealthier people. If people make more money they want to provide themselves with the luxury or enjoying a performance more then usual. Normal goods tell of people with a higher income will want more expensive seats. This increase in income will draw an increase in the want and demand for better seating. The theatre district during the time of Shakespeare was quite alike in the idea of normal goods by the fact that the higher waged or noble people sat higher up in the center with cushioned seats while the lower class or less paid stood on the dirt floor.
On the opposite side of the spectrum is inferior goods. For example in the world of theatre The demand for a specific actor is very prominent. Many people want him and may directors want him in their production. But say the actor was in the art for not the money but the love of it. And he performed in a lower paying gig due to the love of the playwrite. I believe that would be a somewhat example of and inferior good not literally but figuratively in the means of a higher demand in contrast with a lower income.
In the theatre district many people may listen to reviews closely and base their viewing of a performance on such reviews. With a bad review comes a lower demand for seats as well as a lower demand for good of the producers such as production commercials or posters. This subsequent decrease in the demand for both goods is an example of substitutes in the theatre business.
Many people are avid theatre goers no matter the review, popularity, or time of year a production is held many people go no matter. Many people have season tickets mostly those of the dedicated. Despite their income the season tickets are the same as well as their seats depending on theatre. This solid rate for season tickets despite the income of the theatre goers is a prime example of a neutral good. The season tickets being the neutral good due to their set, unfluctuating price.
Some goods in the theatre district are produced by the same company making it more convenient for producers to purchase goods. Many companies that produce backdrops produce rentable props as well. These two products are complements needed for a production. They are produced together for the same purpose of providing for productions.
During the high times of productions elastic demand is prominent in the fight between producers for specific goods. Many goods are needed to produce a good play/musical. Many goods many of the same goods are at high demand such as lights but prices stay regular in order to maintain the regular amount of costumers insuring a place in the theatre industry since there is large competition between companies.

So yea,
This is my new blog talking about what I like and what I'm interested in.
Wooohooo!