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SAC The Corona Pandemic Potential Scarcity & High Prices Response Discussion

SAC The Corona Pandemic Potential Scarcity & High Prices Response Discussion

Question Description

I’m working on a micro economics discussion question and need a reference to help me understand better.

please write 150 words response to each of the two discussion posts below, super simple just state why you agree. 300 words total.

1. A fifty-pound bag of rice at a supermarket costs about forty dollars on average. However, during the pandemic, my parents were paying approximately sixty dollars for this rice. There were several reasons why they justified paying this amount.

The first being scarcity. At the beginning of the pandemic, people were rushing to grocery stores and buying out the shelves. At Vietnamese supermarkets, the rice was gone within the first hour of closing. We were beginning to run out of rice and needed to purchase more because it is a staple in our culture to have it with nearly every meal. The lack of rice encouraged my parents to be willing to pay for the price at a higher cost because they did not know the next time they would be able to get their hands on that specific rice.

Additionally, my parents weighed the options in purchasing this specific rice rather than any other types or brands of rice. For example, as rice connoisseurs, my parents were quite accustomed to their specific brand of rice. Of course, they could purchase rice at any other supermarket or even American grocery stores, but the quality or taste would not be the same. In other words, the opportunity cost would be the quality and taste of that specific brand of rice.

2. Some common items that I think consumers pay too much for and is overpriced is anything from the movie theaters. It’s literally not that much of a secret that most of the snacks that you can buy from movie theaters tend to be overpriced since that where’s they make most of their profits. It’s through their snacks. Additionally, I feel that anything inside of an airport, such as those tiny souvenir shops or really, any of the drinks or snacks that you might buy while inside of the airplane, are also overpriced. If you want to buy a beverage on an airplane, it’s usually a lot more expensive than if you’d buy it over the counter at a regular store. A personal example where I witnessed my friend order a small cup of iced coffee, but minus the ice, and another cup of just ice. A while back, there was this “trend” where a small Starbucks cup without any ice equaled the same amount of coffee in a Venti with ice. My friend’s rationality was that you’d get the same amount of coffee as you’d get in a Venti, but you’d get it a cheaper cost. The opportunity cost my friend was giving up was her time because while I understand that it’s cheaper to do that, at the same time, you are wasting your time by having to pour that small cup of coffee into a larger cup in order to add the ice in it to have iced coffee. So she had to give up a bit of her time in order to make the cheaper purchase. Her marginal analysis was that she chose to spend less money on her drink at the cost of her time rather than spend more money on her drink without having to waste her time of pouring the cups of ice and coffee together in an even bigger cup. To her, it was worth the time if it meant saving money.

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