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− | = | + | = <u>Econ 101 as it Relates to Wet-Shaving</u> = |
− | This article is intended to help you understand how markets work, and why establishing the "value" of a razor or stone can be so difficult. | + | This article is intended to help you understand how markets work, and why establishing the "value" of a razor or stone can be so difficult. |
− | For those that want a short, simple answer, the first sections give a brief answer to common questions with a short explanation. For those wanting more information, the sections that follow explain some basic economic concepts and how they can be applied to the markets for razors, sharpening stones, and other shaving paraphenalia. | + | For those that want a short, simple answer, the first sections give a brief answer to common questions with a short explanation. For those wanting more information, the sections that follow explain some basic economic concepts and how they can be applied to the markets for razors, sharpening stones, and other shaving paraphenalia. |
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− | + | == Should I buy this razor for $xx? == | |
− | + | No one but you can answer this. Tell me where you are on the demand curve, and I'll tell you if you should buy it. | |
− | + | The only problem is, if you know where you are on the demand curve, there's no need to ask if you should buy it for that price. You already know. | |
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− | + | == How much is my razor worth? == | |
− | + | To truly establish that, we could come up with a price range that the market would bear based on statistical analysis of a market survey. To do that would cost tens of thousands of dollars. | |
− | + | Your razor ain't worth that much. | |
− | That's why we don't do appraisals on SRP - there is no | + | Beyond that any answer you get about how much the razor is worth is based on where the person answering sits on the demand curve for that razor, or their observations of where people sit on the demand curve. People experienced with vintage razors can make an educated guess based on sales of similar razors, but are still not able to establish a firm market price.<br> |
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+ | That's why we don't do appraisals on SRP - there is no accurate answer. | ||
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+ | If you want to know what the market will pay for your razor - put it on eBay. You'll have the answer in a few days. <br> | ||
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− | = | + | = Further Explanation: = |
"Supply and demand" is a phrase that gets thrown around a lot when it comes to prices of razors, stones, and other wet-shaving paraphenalia. Usually when the phrase comes up is to explain seemingly unexplainable prices: "Well it's supply and demand" someone will say. | "Supply and demand" is a phrase that gets thrown around a lot when it comes to prices of razors, stones, and other wet-shaving paraphenalia. Usually when the phrase comes up is to explain seemingly unexplainable prices: "Well it's supply and demand" someone will say. |