Archive for the ‘supply and demand’ Tag

Organic Industry Sues USDA To Push For Animal Welfare Rules   Leave a comment

chicken

Link: http://www.npr.org/sections/thesalt/2017/09/13/550607440/organic-industry-sues-to-push-animal-welfare-rules

Summary: There is a thoughtful process behind the eggs that a consumer purchases from the grocery store. In this podcast, organic industries argue that meeting the basic needs of birds is crucial. This includes providing chickens the access to the outdoors where they can freely roam. As it is in everybody’s interest to shop for organic eggs from chickens that are “cage-free”, the organic industry demands the U.S. Department of Agriculture to implement new rules regarding animal welfare.

Original Air Date: September 13, 2017

Length: 2 minutes 32 seconds

What do young buyers want in an auto, anyway?   Leave a comment

young buyersLink: http://www.marketplace.org/2016/02/17/business/auto-show

Summary: At the 2016 Chicago Auto Show, the Marketplace team looks at the demand of the millennials and the response from the auto industry. Millennials are pragmatic and tech savvy. Toyota cannot sell its Scion brand and changes strategy to accommodate consumers that make up a third of the US auto market.

Original Air Date: February 19, 2016

Length: 4 minutes and 2 seconds

Posted September 1, 2016 by noorul94 in Consumer surplus, short length, Technology, Utility

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Whiskeys have to age for years, so how do distilleries make money?   Leave a comment

WHISKEY-2Link: http://www.marketplace.org/2016/02/24/world/iaw-whiskey

Summary: Sellers hope to maximize profit. So what incentives do distillery owners have to start their business if they can only make a profit after 20 years? Marketplace tackles this question and the history of selling whiskey in this podcast.

Original Air Date: March 7, 2016

Length: 5 minutes 42 seconds

Posted June 30, 2016 by noorul94 in Incentives, Production costs

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After years in the making, Oculus Rift arrives   Leave a comment

oculusLink: http://www.marketplace.org/2016/03/25/world/after-years-making-occulus-rift-arrives

Summary: Oculus Rift headsets for virtual reality are now in the market! Facebook owns Oculus and will be looking to take to Oculus Rift to the mainstream market next. In this podcast, Marketplace discusses the prospects and challenges ahead for these pioneers in virtual reality economy.

Original Date Aired: March 18, 2016

Length: 1 minute 53 seconds

Justice Department Investigates Airlines For Possible Price Collusion   Leave a comment

plane-50893_640Link: http://www.npr.org/2015/07/02/419405924/justice-department-investigates-airlines-for-possible-price-collusion

Summary: The Justice Department is planning to investigate 4 major airlines for price collusion. Investigators will question whether the airlines restricted supply to maintain higher ticket prices.

Original Air Date: July 2, 2015

Length: 3 minutes 35 seconds

The Curse of the Black Lotus   Leave a comment

blacklotusLink: http://www.npr.org/sections/money/2015/03/11/392381112/episode-609-the-curse-of-the-black-lotus

Summary: Using common goods like magic cards, the NPR team demonstrates market bubbles and how they work as well as how one company deflated theirs.

Original Air Date: March 11, 2015

Length: 16 minutes 56 seconds

How Solar Got Cheap   Leave a comment

SolarCity workers installing solar panels on a rooftop.Link: http://www.npr.org/blogs/money/2015/04/10/398811199/episode-616-how-solar-got-cheap

Summary: Solar power is becoming increasingly popular. The main reason is not due to environmental awareness but because of a market glut and a need to clear inventory.

Original Air Date: April 10, 2015

Length: 16 minutes

How College Students Battled Textbook Publishers To A Draw, In 3 Graphs   Leave a comment

Average annual spending on textbooks.

Link: http://www.npr.org/blogs/money/2014/10/09/354647112/how-college-students-battled-textbook-publishers-to-a-draw-in-3-graphs

Summary: This podcast examines the extraordinary rise in textbook prices and how the situation is worsening due to students looking for alternatives ways of obtaining books. Supply and demand is featured.

Original Air Date: October 9, 2014

Length: 4 minutes 27 seconds

When A $65 Cab Ride Costs $192   Leave a comment

Update: Several readers commented on the route shown in the map above. Lisa Chow took the car for purposes of this story, and chose a route that began and ended near NPR's New York offices.

Link: http://www.npr.org/blogs/money/2014/01/24/265396928/when-a-65-cab-ride-costs-192

Summary: This podcast sheds light on supply and demand as well as elasticity using the well know car service Uber.

Original Air Date: January 24, 2014

Length: 4 minutes 9 seconds Note there is a longer version that addresses issues of fairness, rationing by time v. money, different profit maximizing strategies by firms 

Discussion Prompt (1) for short or long  version: Think about yourself as a consumer of Uber/Lyft services– how elastic is your demand for uber? How do you know? What factors do you think make your demand for an Uber ride more or less elastic? You can think about specific times, or you can think about comparing yourself to other people whose elasticity of demand might be different.

Discussion Prompt (2) for short or long  version: This podcast focuses on the topic of ‘surge pricing’: how does this relate to price elasticity of supply? Is the supply of Uber drivers price elastic or inelastic? What factors might impact that?

Discussion Prompt (1) for long version: Planet Money asks this question: If this is how markets generally work (ex.  Stock market, copper market), why is what Uber’s doing considered so strange?  This podcast is from 2014 (useful to us because it explains Uber in detail because it was new). In the time that has passed, do you think people have come around to this ‘economic way of thinking’ about surge pricing? Why, why not?

Discussion Prompt (2) for long version: The podcast compares the pricing strategy of Home Depot with ‘ice salt/melt,’ where they don’t change the price but they do run out, to the strategy of Uber where they raise the price rather than ‘run out’.   Economist Richard Thaler notes that these choices represent different profit maximizing strategies by firms focusing on long-run vs. short-run strategies.  What does he mean here? How do these actions represent different profit-maximizing strategies by these firms? Do you think one is ‘more fair’?

Written Prompt: Read this related article: Cohen, P., Hahn, R., Hall, J., Levitt, S., & Metcalfe, R. (2016). Using big data to estimate consumer surplus: The case of uber (No. w22627). National Bureau of Economic Research. Part of what makes this article innovative, is that it provided a ‘real-life’ consumer surplus estimate drawn from actual consumer data.  Why do you think that it might have been hard to determine consumer surplus in real life before Uber (and similar apps/services)? Can you make any other links between this article and the podcast?

A Rose On Any Other Day   Leave a comment

Long-stem red roses in EcuadorLink: http://www.npr.org/blogs/money/2015/02/13/386005044/episode-603-a-rose-on-any-other-day

The Planet Money Team investigates the logistics and risks that accompany the iconic Valentine’s Day flower, the rose. Additionally mentioned is cost of shipping and seasonal demand.

Original Air Date: February 13, 2015

Length: 17 minutes 37 seconds