Teaching Economics with Media
Beyonce does a great job discussing just how valuable she is as a partner (inelastic), but that her man isn’t all that special because “I could have another you in a minute” (elastic). These are good lines to talk about perfectly inelastic and perfectly elastic demand.
Thanks to Michael Coon for the recommendation!
A few supermarkets in France decided to cut the price of Nutella (an extremely popular item throughout Europe) by 70% and customers responded in droves to scoop up the heavily discounted staple. Police were called to various markets as customers fought to get the remaining jars. Not only is this a great example for demand shifts, but it’s an even better topic of elasticity!
While attending community college, Stringer Bell enrolls in an economics course and tries to apply the concepts of elasticity to his copying business.
In this clip, Homer decides to monetize Bart’s elephant in order to try and recoup some of the costs of owning the elephant. When he quickly realizes he hasn’t set a high enough price, Homer tries to go back and increase the price, but he may have gone a bit too far.