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Economics In Everyday LIfe
ECONOMICS CONCEPTS IN EVERYDAY LIFE Use Economic Concepts to explain the following questions. QUESTION 1 Why do the keypad buttons on drive-up machines have Braille dots?? ANSWER ATM producers have…
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- ECONOMICS CONCEPTS IN EVERYDAY LIFE
- Use Economic Concepts to explain the following questions.
- QUESTION 1
- Why do the keypad buttons on drive-up machines have Braille dots??
- ATM producers have to make keypads with Braille dots for their walk-up machines anyway, and so it is cheaper to make all machines the same way
- If the Braille dots caused trouble for sighted users, the extra expense might be justified. But they do not.
- QUESTION 2
- Why does a light come on when you open the refrigerator but not when you open the freezer?
- POSSIBLE ANSWERS
- Most people open the fridge more than the freezer, thus placing a greater benefit on opening the refrigerator.
- People Benefit More from having a light in the fridge than in the freezer.
- Why are gas tanks on the driver’s side of some cars but on the passenger’s side of others? Question 4
- Gas lines would be longer.
- Why do many fast food restaurants promise a free meal if you are not given a receipt at the time? purchase? Question 5
- To make sure cashiers do not steal. Sales are monitored when rung up.
- It is cheaper to give a free meal than to hire supervisors to monitor a cashier all day
- QUESTION 6
- Why is milk sold in rectangular containers, while soft drinks are sold in round ones?
- Rectangular containers use shelf space more economically.
- Soft drinks are consumed directly by the container, the extra cost is justified because it is easier to hold.
- QUESTION 7
- Gold sells for the same price in New York and London.
- Why does an ounce of gold not sell for $800 in NY and $900 in London?
- QUESTION 8
- Cars in Europe have much smaller engines, usually no larger than 4 cylinders.
- The BMW 5 series in Europe is usually 1.6 liters and 4 cyllinders, while in the US the smallest option availabe is a 3 liter, 6 cylinder engine.
- ANSWER Gas is much more expensive in Europe due to higher gas taxes. Europe’s gas is up to 2X as expensive as the US Toyota’s new car
- QUESTION 9 Why are child safety seats required in cars but not in airplanes?
- An extra seat may cost at least $1000 or more on a flight
- As the father of three, I hate to admit it, but those extra seats would be very expensive!
- Hold you kids tight on the plane, and hope for the best!
- QUESTION 10 Why does an accident in the northbound lanes of traffic cause a traffic jam in the southbound lanes?
- Here is a simple cost-benefit calculation ? The cost of slowing down to look close at the accident scene is that they will be delayed by several seconds.
- The Benefit, by doing so, a driver will satisfy their curiosity. The benefit usually exceeds the cost for most drivers.
- However, if everyone slows down, there could be a delay as long as 1 HOUR per driver!
- QUESTION 11
- Why do airlines charge much more for tickets purchased at the last minute while Broadway theaters follow the opposite practice?
- To buy at TKTS, you must wait about an hour or more.
- Tickets are not often available for the most popular shows.
- Many high-income people are unlikely to stand in line for an hour to save a few bucks.
- QUESTION 11
- Why do female models earn so much more than male models?
- Supermodel Giselle made between 15 to 30 million dollars last year. No male model made more than ONE million!
- Women spend 2X as much on clothes as men.
- Women widely read fashion magazines. Could you even name one Male fashion magazine?
- Women who can capture the attention of a reader amongst the 1000’s of pictures are worth their weight in gold.
- So it is easy to see why manufactures might be willing to bid a lot more for a model who stands out even slightly from the field.
- DID YOU KNOW: The September, 2007 issue of Vouge has 727 pages of Ads!
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