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

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

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

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

4. Din, Yangon. (2007). Titled: The dynamics of the movie industry: Theatrical Exhibitions & DVD rentals. The University of Wisconsin.

The author, Brooks, is bitter about how the whole situation was handled. The citizens were essentially left to defend for themselves instead of getting the support they needed. Obviously, the government could and should have made a more efficient plan to rescue and protect its citizens from a huge disaster. Because they failed to do so, they have to pay both the monetary

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

Many of the concepts that were discussed in Chapter 1 such as opportunity cost as well as some (much) newer ideas such as marginal and total utility. There are many examples of this such as when discussing the affects of Hospitality hours (happy hour) on the amount of drinks and the rate at which people consume their drinks (lower prices and quantity demanded) or the price at which people are willing to buy a cookbook relative to the profit the writer makes and how the current price was beneficial to both parties (equilibrium price). Ultimately I quite enjoyed the story and regret not getting it earlier as having it would of given context to a lot of concepts that normally seem alien to the average person that does not have business ties. This is of course in addition to the amusing and witty story thus making the 0.01 cents plus 3.99 shipping and handling a real steal for

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

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

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.

The greater the demand of a product, the greater the associated value, and hence greater will be price. Price is also dependent upon the supply of a product, the lower the supply, the higher the price. The price of a product is also dependent upon the state of the overall economic conditions. At the time of the recent recession, the ticket prices of matches and merchandise were set at a comparatively lower level than at the time of a boom. (Kotler)

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.

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).