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Reader Steve writes me with the following (full disclosure: I may have made out with Steve in 11th grade. He also may have sat me down and made me watch Star Wars, since my nerd cred was sorely lacking.):
I wanted to get your disciplined economist’s opinion on the topic of the pricing of electronic [...]
Tags: Econ 101 · Markets · Reader Questions
I got this yesterday in my email inbox from reader Tee:
I am taking an online Micro Economics class. I was just going over my PowerPoint slides and in chapter 3 they give examples of inferior goods. Some examples include public transportation and second hand furniture. My question is, in a world where people are now [...]
Tags: Econ 101 · Reader Questions
I saw this a couple of hours ago on my Facebook News Feed:
Mick Greenwood loves how the Red Sox literally tell us that they’re going to raise the cost and decrease the value. Hey Jodi Beggs - Economists Do It With Models - can you smarten them up, please?
Awwww…I have my friends trained so well- [...]
Tags: Econ 101 · Reader Questions · Sports
Reader and friend Lilei emailed me the following a few weeks ago:
An individual has a constant marginal rate of substitution of shoes for slippers of 3/4 (i.e. he or she is always willing to give up 3 pairs of slippers to get 4 pairs of shoes). If slippers and shoes are equally costly, the [...]
Tags: Econ 101 · Reader Questions
I write a lot on the danger of believing the “post hoc ergo propter hoc” fallacy (which is basically a fancy Latin way of saying “One thing happened after another thing, therefore one thing happened because of another thing), also known as “don’t be stupid people, correlation does not imply causation.” To recap:
A Primer [...]
Tags: Reader Questions
