Book Review: Why Does Popcorn Cost So Much at the Movies and Other Pricing Puzzles

The author endorses Senate Intelligence Committee claims that the whole attack could have been completely prevented from happening if the state department had responded to reports from the Annex intelligence that stated a need for a higher, more enhanced security. The author doesn't just focus on what could have easily been prevented though. He goes into detail in each of the men's point of views from the Annex Security Team. He gives you the emotions that each of the men were feeling and their background story of where they come from, their families, what they hope to do when they get back home. All of it makes you more emotionally tied to each of those men who risked their lives and also of those who lost their lives, so that you can feel what the author was feeling when he was inspired to write the truth to this story and it could have been

1. The first chapter in the book is about the market and its inner workings. The book briefly explains the idea of supply and demand, in which the price of a certain good or service will reach the point where all the demand is equivalent to the supply. However, the value of something is not determined by its necessity, but its desire within society, as seen by the difference in cost between a diamond and life giving water. Markets operate as they do because people try to maximize the amount of utility for themselves. Nevertheless, a strict rationalism model cannot be used for predicting all the occurrences of a market because of the ever changing behavior of people; thus economists must take precautions against

I reviewed the book Real Ponies Don’t Go Oink by Patrick F. McManus. I choose this book due to its comedic fables that are loosely based on life and in order to prove you can find economics in everyday life. I found multiple topics throughout the book but i chose five that were very apparent and somewhat applicable in order to show my audience economics is all around us. I found my topics in the chapters Teenagers From Hell, A Good Deed Goes Wrong, Blood Sausage, and Phantom of the Woods.

In some states, that is illegal: Michigan, Louisiana, The Commonwealth of the Mariana Islands, Oklahoma, Virginia. There is a state law in Michigan that prohibits price gouging. An AMC theater violated the law, and were sued over it by the Michigan man, Joshua Thompson. “He got tired of being taken advantage of,” Thompson’s lawyer told the Detroit Free Press. In theaters, prices are three to four times higher than anywhere else. 85 cents out of every dollar on snacks is pure profit, and popcorn is America’s biggest rip-off being marked up in movie theaters by

However, the deaths are not the only loss the 9/11 attacks created but the economic costs were also a significant blow to the United States. The direct cost losses being related to the damage caused by the destruction of the buildings include but are not limited to; the loss of the four civilian aircrafts with a value of $385 million, the replacement cost for the destruction of the buildings amounting to $4.5 billion, $10 to $13 billion of property and infrastructure damages, a loss of 17$ billion in lost waged and direct job losses along with considerable losses exceeding $45 billions in insurance industry and traffic revenue (Institute for the analysis of Global security). But the damages don’t cease there. In fact, according to the report published by Watson Institute for International Studies of Brown University, the US governments’s

The September 11 attacks were set of four terrorist attacks controlled by al-Qaeda, an Islamic terrorist group. On September 11, 2001, four aircrafts were hijacked by the terrorists; two of the planes hit Twin towers in New York, third hit the Pentagon and the fourth one crashed into a field near Shanksville, Pennsylvania (“9/11 Attacks”). The September 11 attacks had several long-term negative effects that include Social effects, Psychological effects, Physical health effects, Economic effects and many more. But of all those effects, Economic effects were the most suffered ones. The 9/11 attacks triggered the devastation of American economy (Miley). Although it has been 12 years since the episode and America has recovered a lot, American

If you bring snacks from your house or the store, you are more likely to save money. According to Business Insider, the small soda markup is roughly eleven times the wholesale cost, and the small popcorn markup is nineteen times the wholesale cost. “As you size up, the markup goes down,” states producers Sara Silverstein and Alex Kuzoian. If some people were to bring in their own candy or other small snacks, they would save money in order to pay for their ticket.

Blockbuster used to have so much power in the movie rental industry until Redbox and Netflix have come to the market. One of Porter’s five forces

When I first looked into finding this book I didn’t think much of it as I just thought it was just another type of text book or some sort. I was thinking that this would be some kind of auto biography or something I would not be interested in. In fact after reading this book I was stunned by the different views and aspects of economics that was explain and I would had never thought about them in that sort of way. This book covers a lot about we discussed in class. This book explains different examples of economic concepts that may be used in our daily lives. They

The principal microeconomic issue at work is supply and demand. The author invokes a number of economic theorists (both liberal and conservative) who endorse price gouging out of a belief that it is simply the natural manifestation of a capitalist society that relies on supply and demand. There is a belief that preventing price gouging allows consumers to act with little consequence for their actions. According to this line of thinking, a business is well within its rights to raise prices because they should respond to public demand; at other times, there is little demand, so they are wise to take advantage when there is significant demand. Moreover, economic theorists have argued that price-gouging is positive because it makes people question whether the item they are considering purchasing

Amy will pay the price for the flashlights because of scarcity. The crisis within the market caused the price gouge. Roberts described throughout the book how the price gouges of goods and services, because of scarcity, benefit the consumer. Without the price gouge, Amy and Ramon would not have been able to buy flashlights. Other customers were unwilling to pay a higher price or they found substitute goods.

The terrible destruction that happened at Hiroshima in 1945 is a prime example of the tragedies of the past. In Hiroshima, the bombing was very deleterious. It left the city in pieces and devastated. Chapter three shows a lot of this. It talks about the helpless suffering victims of the bombing. This is relevant because it shows what a war can do to innocent people. Even if there are two sides to a war, the innocent civilians should not have to suffer the way the city of hiroshima did. A better future

Price discrimination can be defined as when the same good or service is sold at different prices to different consumers. If we look at this definition of price discrimination, for an example, we can show that price discrimination can be seen in the entrance tickets of parks such as Universal studios; this is due to the fact that there are discounts for children and senior citizens. (Phlips L. , 1983) However, this can be seen as not being discriminative at all due to the fact that if the price difference full reflects the difference in the cost of carrying the good from the seller’s location to the buyers’ location.

Before the advent of movie rental stores, to watch a new movie, people had to go to theatres or cinemas spending a lot of money. Video rental was the answer to the new needs. Since the 90s, video rental industry has become a very big business; in those years, rental prices rose as more and more people began renting movies. At the same time, new players entered the market creating strong competition inside the industry. In the last years, the field of home entertainment has changed dramatically because of the presence of Internet and new technologies (Recorded DVD & Video in the United States, 2009).

Quite often, consumers purchase goods and services based on their perceived need. Upon making the decision that a need is present and a solution is available consumers are more equipped to react to that need. Although previously perceived that consumers will normally accept prices as presented by suppliers that remains to not be the case. Consumers assess and process prices based on past purchases and other psychological process they went through previously such as persuasive marketing strategies, accessibility of the goods or services and possibly information gathered from prior purchasers of a product. There are countless options that are available to consumers. Consumers are then faced with the choice of choosing the product that best fulfills their need at that given point. Consumers who are knowledgeable regarding prices will be aware of the approximated price for products (Zhao, Zhao & Deng, 2015).