As a result of moving part-time at my job while starting grad school, my income has declined. Because of my income elasticity I’m going on a vacation to Zion National Park after my midterms! I guess national parks being an inferior good is a perk #PUAD670

Studying for my Econ midterm right now has got me craving ice cream. I’d be willing to pay $6 for one scoop of ice cream if there was a shop .3 miles from my apt. vs walking .7 miles to McDonalds for a $1.05 soft serve cone #reservationprice #PUAD670

Travis Scott knows his merchandise is of high demand so he releases a limited supply, for 24-hours only, knowing that he will be able to charge a higher price than what it should normally be valued at because his fans have a high reservation price #chickennuggetpillow #puad670

When Kanye first released a limited supply of Yeezy shoes the demand for it was high causing the price to skyrocket in the re-sale market. But a few years later he released 1000s of pairs into the market, making the shoe less exclusive which drove the price & demand down #PUAD670

Checked my mailbox today...it was full of coupons and discount offers. As demand for clothes and other non essential goods is low during a pandemic, producers have a surplus of goods to sell pushing them to lower prices and create incentives for us to shop till we drop #puad670

Farmers in the US create a surplus of goods but still receive subsidies from the government. This is an example of a price floor. This is meant to help out the farmers, not the consumers #PUAD670

The NFLs monopoly on professional football was recently threatened by the creation of the AAFL and the XFL. The NFLs control on essential resources allowed it to create a high barrier of entry for the other leagues. AAFL dissolved & XFL shut down temporarily #puad670

U.S Representatives from both political parties should follow Congressman Khanna’s push for equity during the COVID-19 pandemic #puad670

When President-elect Joe Biden raises minimum wage a new price floor will be set in the US economy. Quantity demanded of workers would decrease because paying workers would become more expensive. Quantity supplied of workers rises because there’s more incentive to work #puad670

My current job doesn’t offer a good health insurance plan. Thankfully the Young Adult Mandate allowed me to stay on my parents insurance until I was 26 — just in time for starting grad school & enrolling in a good health insurance plan #puad670

In the show Parks n Rec, Leslie Knope spends much of her career advocating for the Pawnee city government to fund a new park. The park would be a pure public good, enjoyed by everyone because it’s non rival and non exclusive #puad670