Make sure to respond to each of them. Try to include any relevant microeconomic concepts or thinking as derived from your readings. Thank you!!
#7: Lab Grown Meat & Regulatory Questions.
“From ethical perspective, I believe that this emerging product should be encouraged as food. The goal of this product is to make food without having to slaughter the animal. If everything goes smoothly with this cell-cultured meat technology then this product will be the our food option in the future. From economical perspective, I would put the same answer as ethical perspective. Like I said If everything goes smoothly with this cell-cultured meat technology then this product will be the our food option in the future, which means that the developers of this product will be able to sell this product to us and hopefully make some profit out of it. Therefore, I also believe that this emerging product should be encouraged as food from economical perspective.”
#8: A Textile Start-Up Spins Old Clothes into New Fiber.
“I think the idea of spinning old clothes into a new fiber will definitely compete in the market in the near future. By regenerating old clothing into new material will be a game changer in the industry because it is not only solving the problem of wasted old clothing, it helps the environment out more and we are recycling this clothing and making it new again. I think a lot of clothing companies would invest into this technology because it puts a good image onto their business and it is also benefiting them by not having to generate brand new material. This might cause havoc for original suppliers who give the companies brand new material for their clothing. But a recycling strategy I feel like would make businesses compete more in that market. The idea of having a company that reuses will be innovative technology that most clothing business would partake in.”
#9: Market Failure in Animal Agriculture.
“A change I favor to prevent this environmental market failure is to remove the storing of manure and urine in open lagoons. How that problem led to sending waste to rivers and streams is an automatic downfall in the market. I don’t know too much about how the storing of those two work and how they’re stored. But I think moving its storage space to a different location can lessen the risk of it spreading and causing wasted waters. So maybe not storing in lagoons would lessen the downfall, but the fact that it would be hard for a family to even go outside is quite ridiculous I couldn’t imagine a smell that rancid to the point where it was hard to go outside. So that is how you know there was a big time environmental market failure. So a change I would implement for this farm is to find a way to prevent waste from effecting the waters by handling waste in a more efficient way.”