Environmental Economics
The cromulent economics blog
recent posts
Category: Demand and Supply
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From AAA (gas prices fluctuate moderately across the country): With the national gas price average at $2.89 – just a penny more expensive than last week – the majority of states are seeing moderate jumps and even declines at the pump. Twenty-seven states saw gas prices decrease or hold steady on the week with Delaware…
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Following the political dominoes of international trade policy can be mind-boggling, but the basic economic principles can be simple. A tariff placed on U.S. products by another country (like meat, cheese, and soy beans) will reduce the amount (supply) of U.S. meat, cheese, and soy beans sold in other countries, and increase the amount of…
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I'm not sure how I missed the original story, but I'm surprised John and I weren't the first call when this happened: Whiskey barrels were piled in a mountainous heap Wednesday after the rest of a whiskey storage warehouse collapsed in Kentucky, nearly two weeks after part of the decades-old structure came crashing down. The…
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A tariff on steel imports causes the price of imported steel to increase. One direct effect is: The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the…
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From NBC.com: This community voted overwhelmingly for Donald Trump. But now his immigration changes are killing its livelihood — legendary crabs that are a mainstay of the local economy and a regional delicacy. For decades, Hoopers Island, known for its crabbing industry, has relied on a federal seasonal work program — known as H-2B visas…
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Law of demand (for National Park visits): When prices rise, the number of visitors to National Parks will fall. We'll see: The National Park Service proposes more than doubling the entrance fees at 17 popular national parks, including Grand Canyon, Yosemite, and Yellowstone, to help pay for infrastructure improvements. Under the agency's proposal, the…
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When the Super Bowl comes to town hotels increase prices for rooms. Bars increase prices for drinks. Restaurants increase prices for food. So why when the Super Bowl of hurricanes comes to town would we expect anything less? When they checked rates online as Hurricane Harvey was strengthening and about to make landfall in…
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What happens when the people of China decide that butter is yummy? A sharp increase in global demand has caused the wholesale price of butter to nearly double in Europe. Consumers are paying more too: retail prices jumped nearly 20% in June over the previous year, according to data from Euromonitor. Federation des Entrepreneurs de…
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The simple minimum wage example in a principles of microeconomics goes something like this: If the minimum price of labor (wage) is set above the existing equilibrium wage in the market for labor, the result will be a decrease in the quantity demanded for labor (hiring), and an increase in the quantity supplied of labor…
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From FiveThirtyEight.com: Philadelphia supermarkets and distributors say beverage sales have dropped 30 percent to 50 percent after the city instituted a 1.5-cent-per-ounce tax on sugary and diet drinks. On one hand, these are the same people who want to get the tax repealed, and we don’t have hard numbers yet, so take this with a…
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