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Super Bowl XLVIII Pricing: A Lesson In Demand Elasticity

Super Bowl XLVIII Pricing: A Lesson In Demand Elasticity | Economics | Scoop.it
NFL Commissioner Roger Goodell, Giants' co-owners Steve Tisch and John Mara, Jets owner Woody Johnson, David Tyree, former Jets player Emerson Boozer, former Jets player Curtis Maritn, CEO of the NY/NJ Superbowl Host Committee Al Kelly attend the ...
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Micro or Macro Quiz: Can You Tell If It's Big or Small?

Micro or Macro Quiz: Can You Tell If It's Big or Small? | Economics | Scoop.it
This quiz from Smithsonian Magazine challenges you to test your sense of scale by choosing whether these images are microscopic or gigantic.

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OPEC doubts if oil supply will keep up with growing demand

OPEC doubts if oil supply will keep up with growing demand | Economics | Scoop.it
OPEC said that global oil demand growth will accelerate next year, rising by about 1 million barrels a day, and expressed doubts about whether expected increases in supply will keep pace.
Niall Duffy's insight:

This article tells us that there is an excess demand of oil as the oil company can't keep up with and supply enough.  Oil producers have to increase their supply to 1.1 million barrels a day - a huge rise from previously.  This would drive the price of oil up, as there is more competition for less product. 

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UK 'fastest-growing Western economy'

UK 'fastest-growing Western economy' | Economics | Scoop.it
The UK is set to grow faster than any other Western economy, according to a report by accountancy industry body the ICAEW.
Niall Duffy's insight:

This is due to the rising consumer confidence as we are slowly coming out of the recession.  More confidence will mean that they will spend more money, which increase economic growth as it is consumer expenditure.   

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Apple sells out of initial iPhone 5s supply in under 2 days, shipments pushed to October

Apple sells out of initial iPhone 5s supply in under 2 days, shipments pushed to October | Economics | Scoop.it
Less than two days after Apple began its worldwide rollout of the iPhone 5s, the company's Online Apple Stores in each of the 11 countries participating in the phone's launch are showing stock outs until October.
Niall Duffy's insight:

Here, we see the that the hugely popular iPhone sold out within 2 days.  This is because there is huge excess supply, so much so that it wasnt anticipated by apple.  This excess supply would drive the street price of the iphone up however after a few months it will decrease as demand would have decreased. 

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