#ASMIC
899 views | +0 today
Follow
 
Rescooped by Dan Martin from #ASMIC
onto #ASMIC
Scoop.it!

Perfectly inelastic supply: Thirty years ago, a distillery died. Now its scotch sells for £1,500 a bottle

Perfectly inelastic supply: Thirty years ago, a distillery died. Now its scotch sells for £1,500 a bottle | #ASMIC | Scoop.it

The Scottish industry is booming as whisky becomes the drink of aspiration for the world's middle classes


Via Phil Hensman
Dan Martin's insight:

A quick sketch of the supply curve shows what will happen with any increase in demand!

more...
No comment yet.
#ASMIC
Your new post is loading...
Your new post is loading...
Scooped by Dan Martin
Scoop.it!

Australia's Coogee beach bans alcohol after Christmas party - BBC News

Australia's Coogee beach bans alcohol after Christmas party - BBC News | #ASMIC | Scoop.it
Australia's Coogee beach bans alcohol after Christmas revellers left 15 tonnes of rubbish behind.
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Four major cities move to ban diesel vehicles by 2025 - BBC News

Four major cities move to ban diesel vehicles by 2025 - BBC News | #ASMIC | Scoop.it
The leaders of four major global cities say they will stop the use of all diesel powered cars and trucks by the middle of the next decade.
Dan Martin's insight:
Share your insight
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Price cap on rent-to-own goods possible, says FCA - BBC News

Price cap on rent-to-own goods possible, says FCA - BBC News | #ASMIC | Scoop.it
A price cap to help consumers who use "rent-to-own" firms to buy goods, such as washing machines, is possible, the head of the City regulator says.
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Stop junk food ads on kids' apps - WHO - BBC News

Stop junk food ads on kids' apps - WHO - BBC News | #ASMIC | Scoop.it
Children need to be protected from the pervasive marketing of junk food to children through apps, social media and video blogs
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Scottish courts back minimum alcohol price - BBC News

Scottish courts back minimum alcohol price - BBC News | #ASMIC | Scoop.it
Plans to set a minimum price for alcohol in Scotland are backed by the Scottish courts.
more...
No comment yet.
Rescooped by Dan Martin from #ASMIC
Scoop.it!

Sin taxes on alcohol and tobacco have cost the Treasury £31bn, analysis finds

Sin taxes on alcohol and tobacco have cost the Treasury £31bn, analysis finds | #ASMIC | Scoop.it
Sin taxes on alcohol and tobacco have cost the Treasury more than £

Via Phil Hensman
more...
Phil Hensman's curator insight, November 22, 2016 3:46 AM
Government Failure, taxing demerit goods
Rescooped by Dan Martin from #ASMIC
Scoop.it!

Paw Patrol: no job is too big for parents on the trail of this Christmas must-have toy

Paw Patrol: no job is too big for parents on the trail of this Christmas must-have toy | #ASMIC | Scoop.it
It is the surprise sell-out gift for 2015, driving shoppers to either spend big abroad or disappoint their kids come 25 December

Via Phil Hensman
more...
Scooped by Dan Martin
Scoop.it!

Mexicans Begin to Slim With the Help of the Soda Tax

Mexicans Begin to Slim With the Help of the Soda Tax | #ASMIC | Scoop.it
Taxing sodas has led to a cut in sales
Dan Martin's insight:

An example where a tax on fizzy drink seems to have had some effect on their consumption

more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Bitwalking dollars: Digital currency pays people to walk - BBC News

Bitwalking dollars: Digital currency pays people to walk - BBC News | #ASMIC | Scoop.it
A new digital crypto-currency has been launched that is generated by human movement.
Dan Martin's insight:

One to keep up your sleeve when we come to look at behavioural economics maybe?:

more...
No comment yet.
Rescooped by Dan Martin from Year 1 Micro
Scoop.it!

Demerit Goods: Video game use linked to worse GCSEs, study suggests

Demerit Goods: Video game use linked to worse GCSEs, study suggests | #ASMIC | Scoop.it
Children who play video games twice a day are less likely to achieve five good GCSE grades, a study suggests.

Via Matt Smith
Dan Martin's insight:

This is an interesting story! I wonder if anyone has ever done a survey of attendance following the release of the latest FIFA game???

more...
Bruce Fellowes's curator insight, November 15, 2015 7:39 AM

This is quite topical. A number of students missed a day of College recently due to the new Call of Duty computer game!

Rescooped by Dan Martin from #ASMIC
Scoop.it!

Lego factories hit brick wall as Christmas worries build

Lego factories hit brick wall as Christmas worries build | #ASMIC | Scoop.it
‘We will not be able to deliver all customers’ orders in the remainder of the year,’ says toy company spokesman, after ‘extraordinary’ surge in demand

Via Phil Hensman
more...
K's curator insight, November 13, 2015 4:09 AM
The market should be using more resources than it is currently as their current productive capacity means they cannot meet demand. Lego should follow a policy of increasing their productive capacity by building new factories in a shorter space of time, as the new factories being built will not be ready until after next Christmas.
Mr Jones's curator insight, November 15, 2015 12:21 PM

This is not a good news story as far as anyone planning to buy Lego this Christmas. It's certainly true that in the short term markets may not be able to respond to quick changes in circumstances.  In this case the problem seems to lie within the Lego business itself and it's difficult to think that any government action could make much of a difference.

Jane Li's curator insight, November 18, 2015 5:33 PM
Since there's a huge demand for Lego toys, and especially during Christmas, the Lego company can't really let every consumer satisfied. This means that the demand of toys is much larger than the supply of toys. In order to maximise the welfare of the company, in my point of view, the company should I add more economic resources in. For example, the company can buy more equipment which will help them produce more toys per period of time. Or, the company can also build more factories over the world to increase the quantity of supply.
Rescooped by Dan Martin from AQA Microeconomics for Woodhouse Grove students
Scoop.it!

Cheap potatoes, pricey asparagus: what would a carbon tax mean for you? | Guardian Sustainable Business | The Guardian

Cheap potatoes, pricey asparagus: what would a carbon tax mean for you? | Guardian Sustainable Business | The Guardian | #ASMIC | Scoop.it
For business, the winners will be those whose products get more use from less carbon and who act early on supply chains, but consumers of out of season asparagus may lose out

Via WGS Economics
more...
WGS Economics's curator insight, October 16, 2015 3:16 AM

ECON3 Climate and Environment: Great article looking at how different government intervention strategies might work, and the consequences of them.

Scooped by Dan Martin
Scoop.it!

Madrid bans half of cars from roads to fight air pollution

Madrid bans half of cars from roads to fight air pollution | #ASMIC | Scoop.it
Odd- and even-numbered vehicles will swap use of roads in Spanish capital until smog eases
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Do we really need to explain supply and demand again?

Do we really need to explain supply and demand again? | #ASMIC | Scoop.it
Sadly, apparently, yes we do, we need to explain supply, demand and the
role of prices once again:

Rail passengers facing further misery from strikes have described fare
increases effective from today as a “kick in the teeth” after it emerged
some are paying 43 per cent more for season tickets than they did seven
years ago.

The average fare increase of 2.3 per cent across Britain came into effect
this morning, though Virgin Trains East Coast has imposed a 4.9 per cent
average increase on its services, the highest of any operator.

It is the biggest fare increase since January 2014, despite overcrowding
and cancellations getting worse year on year.

One campaign group warned that passengers are being “priced off the
railways” by fare increases that have far outstripped wage rises in recent
years.

The problem there is the use of the word "despite" - it should be
"because".

And to give that basic lesson in supply and demand and the interaction with
prices. It is simple enough for demand for something to rise above the
possible supply of it. Similarly, demand can fall below the available
supply. We call these shortages and gluts. Which is what brings price into
it. Prices are the method of rationing such things. As prices rise fewer
people desire whatever it is and thus the pressure upon supply is loosened.
As prices fall more desire and so that extra supply is snapped up.

Prices move more when either supply and or demand are inelastic (obviously,
because elasticity is just the amount that prices move in relation to a
supply or demand change) and less when elastic.

The provision of train services is inelastic. At the times that people
actually want to travel those iron roads are full. We can't add more
carriages because of the lengths of station platforms as well. We can go
off an build new railways, yes, or get the signalling better or.....but
these all take time. Supply of new capacity is this "chunky" rather than
fine grained and as such is inelastic.

Given that this is so then if, as and when demand increases then prices
should rise and rise strongly. That is, prices are going up not despite
overcrowding but because of overcrowding. What is more they should be too.

Roughly speaking fares pay for the operation of the railways these days
even if not for the capital projects to expand capacity. The difference
between British railways and continental ones being, roughly, that
passengers here receive no taxpayer subsidy while they do there. And why
should the general taxpayer be paying for someones' preferred method of
travel? 

That the capital costs of expansion are indeed still subsidised from the
general revenue rather tells us that fares should rise again, if not again
again. For there is no good reason why those who travel upon the railways
should not pay the full costs, operating and capital, of travelling upon
the railways.

Fares are going up because overcrowding, not despite. And overcrowding will
cease if they go up again, either to limit demand or to pay for the
expansion of supply.

This supply and demand stuff, the changes in prices, it all really does
work. About time that people grasped it, no?

 
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Doctors call for ban on diesel engines in London - BBC News

Doctors call for ban on diesel engines in London - BBC News | #ASMIC | Scoop.it
A campaign led by medical professionals is calling for all diesel cars to be banned from London.
Dan Martin's insight:
Diesel cars seem to cause extra pollution that is not reflected in the price drivers pay for fuel = Market failure...
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Olive killer disease arrives on Mallorca - BBC News

Olive killer disease arrives on Mallorca - BBC News | #ASMIC | Scoop.it
A disease posing a "very serious threat" to the EU's olive industry is recorded on the Spanish island of Mallorca for the first time.
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

'Dire' housing shortage pushing up prices, says Rics - BBC News

'Dire' housing shortage pushing up prices, says Rics - BBC News | #ASMIC | Scoop.it
Surveyors warn of a "dire shortage" of housing in the UK, which is continuing to drive up prices.
Dan Martin's insight:
Supply and Demand to explain rising house prices with rent controls the inevitable argument used to make housing affordable, but would they work?
more...
No comment yet.
Rescooped by Dan Martin from #ASMIC
Scoop.it!

Cigarette tax hikes having opposite effect, Ilias Bellos | Kathimerini

Cigarette tax hikes having opposite effect, Ilias Bellos | Kathimerini | #ASMIC | Scoop.it
Every year the Greek state misses out on tax revenues of at least 800 million euros due to the tax hikes it has imposed on cigarettes.

Via Phil Hensman
more...
Phil Hensman's curator insight, November 24, 2016 2:55 AM
Increasing tax doesn't always increase tax revenue, it can provide more of an incentive for criminals
Scooped by Dan Martin
Scoop.it!

Are EU trawlers taking too many Mauritanian fish? - BBC News

Are EU trawlers taking too many Mauritanian fish? - BBC News | #ASMIC | Scoop.it

Fishermen in Mauritania are complaining that huge trawlers are taking too many fish, putting their livelihoods at risk.

Dan Martin's insight:
Tragedy of the Commons
more...
No comment yet.
Scooped by Dan Martin
Scoop.it!

Sugar tax: could a price increase solve Britain's obesity crisis?

Long awaited report calls for a tax on sugary drinks and foods, but David Cameron remains opposed
Dan Martin's insight:

Interesting background to our work on sugar tax

more...
No comment yet.
Rescooped by Dan Martin from #ECON3
Scoop.it!

Italy: Town pays people to cycle to work - BBC News

Italy: Town pays people to cycle to work - BBC News | #ASMIC | Scoop.it
Italian town is offering hundreds of euros per year to people who get on their bikes.

Via Phil Hensman, Dan Martin
more...
Phil Hensman's curator insight, November 20, 2015 3:04 AM

Promoting merit goods, discouraging demerit goods

Dan Martin's curator insight, November 22, 2015 3:24 PM

Might be useful in the next couple of weeks I think!

K's curator insight, November 26, 2015 2:52 PM
A positive externality in the consumption of bicycles and bicycle related products in this Italian town, following the council paying people to cycle to work, is that there will be less air pollution meaning less global warming and respiratory problems from pollution for people living there.
Scooped by Dan Martin
Scoop.it!

Plastic bag charge: the unintended consequences of the 5p deterrent

Plastic bag charge: the unintended consequences of the 5p deterrent | #ASMIC | Scoop.it
Government's 5p plastic bag charge could make us less healthy, increase landfill waste, and threaten jobs
Dan Martin's insight:

Unintended consequences. The classic standby evaluation tool for any government intervention and possible government failure.

more...
No comment yet.
Rescooped by Dan Martin from #ASMIC
Scoop.it!

Record Rents As Property Shortage Deepens

Record Rents As Property Shortage Deepens | #ASMIC | Scoop.it
As the Government moves to try and boost building, tenants are forking out an average of £816 per month in England and Wales.

Via Phil Hensman
Dan Martin's insight:

Inelastic supply and rising demand = ...............

more...
Phil Hensman's curator insight, October 19, 2015 8:55 AM

Increasing prices

Rescooped by Dan Martin from #A2MIC
Scoop.it!

Britain’s big banks set to avoid being broken up by competition watchdog

Britain’s big banks set to avoid being broken up by competition watchdog | #ASMIC | Scoop.it

A2 students18-month investigation also expected not to recommend an end to free bank accounts but to call for switching to be made easier


Via Phil Hensman
Dan Martin's insight:

A2 students - One for next half term when we investigate competition or the lack of in certain markets

more...