Managing the McRib

Knowing that McRib supply is not predictable, the fans of the pork, barbecue sauce, onions and pickle sandwich are delighted whenever it resurfaces.

Weekly Roundup: From Drinking Behavior to Dating Decisions

This week’s everyday economics involved 6 economists and such ideas as product differentiation, behavioral economics, marginal utility, price and trade.

All-You-Can-Eat Buffet Economics

Explained by Alfred Marshall and evident at restaurant buffet tables, the idea of diminishing marginal utility shows how marginal analysis is valuable.

Too Safe?

Assume for a moment that you have to decide whether to install body scanners at every airport in the U.S. Knowing a decision to proceed will make everyone safer, you say, “Yes.” But, what if you first were told that…

“Tweetquakes”

Sometimes Tweets travel faster than seismic waves. And then, what happens? In this wonderful webcomic from April 2010, an earthquake strikes, people Tweet, and within seconds, the news beats the temblor’s spread. Do people run for safety? No. They send…

“LeBronomics”

Called “LeBronomics” by NPR’s Planet Money, LeBron James’ decision to go to Miami was about much more than $99 million. Instead, the key issue was “utils”. Whenever economists want to quantify satisfaction, they use the “util”. If LeBron had selected…

Money and Happiness

Does money buy happiness? A 2006 report from the Pew Research Center said yes and no. If we compare income groups, the answer is yes. Almost 50% of people earning more than $100,000 annually said they were happy. However, as…