Prices have information – they drive buyers and sellers
I can’t explain all the economics lessons in the following joke, but can tell there are many. Funny thing about prices is that they motivate buyers and sellers. Prices contain a lot of information. We need to interpret them well. Here’s an insight on pricing and human behavior:
A woman walks into a butcher shop and asks the butcher how much a pound of tenderloin is.
“$12 per pound,” replies the butcher.
“Are you sure? That can’t be,” says the lady.
“Look, madam, it says right here on the card that it’s $12 per pound.”
“But that seems so high compared to other butchers in the area.”
“Lady, maybe they gave you the price for a poorer cut of beef.”
“No, the butcher across the street said it was $9 per pound,” she says.
“Well, then, why don’t you go buy it there?” asks the butcher.
“Because they are all out.”
“Well, when I’m all out, I sell it for $8 per pound,” retorts the butcher.
I looked quickly on the ‘net and found this joke at lots of sites. Saw it at Mikeys Funnies first, so that’s where I’ll give credit:
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