Stand up comedian, Richard Jeni, discusses the calculus behind immigrants moving to the country. In the calculation of the net present value of migration, movers are expected to weigh the costs and benefits of a move. Jeni points on that we don’t see Americans leaving by boat, but we do see people risking their lives for an improvement in their lives.
Thinkbox — Every Home Needs a Harvey
How do you differentiate yourself from the other dogs in a dog shelter? You show off all your skills, of course! Harvey does a great job differentiating himself from his competitors in order to win their business.
Funny or Die — Marry Poppins Quits
A very interesting mix of Mary Poppins and minimum wage policy. Kristen Bell, as Mary Poppins, quits her job because minimum wage isn’t paying enough to help keep her above the poverty wage after taking out taxes. The video discusses how big of an impact a $3 increase could make in her life.
Rihanna Tap Water
Would you buy tap water if it was marketed by Rihanna? This comedy clip works as a great introduction to the idea of product differentiation and marketing. It can also be used to talk about why a celebrity would endorse a product and the signalling value of hiring those celebrities.
Credit: Michael Coon
Saturday Night Live — Chris Rock on Minimum Wage
Chris Rock explains on Weekend Update how a minimum wage (a price floor) is above equilibrium wage. Firms may want to pay lower wages, but an effective price floor is one that is set above the equilibrium such that firms aren’t able to pay the lower wages. Thanks to Jodie Beggs for finding the Jeopardy reference that led me to finding this video.
Chris Rock: Bullet Control
Guns and bullets are complement goods. This clip from Chris Rock’s HBO comedy special talks about how making the price of bullets $5000 would limit the amount of shootings. This is essentially talking about how when the price of a product increases, the demand for complement goods related to that product decreases. By having the price of a bullet cost $5000, Chris is basically saying that the government should put a price floor on bullets. This will result in less people being able to afford bullets and possible a black market for bullets. All of which are addressed in this clip. This clip has been edited for class use.
H/T to James Tierney