Fish worth 70kg of gold: Sushi king shells out $3.1 million for ‘tasty’ tuna

Welcome back everyone. Here is an interesting news story about a big fish! Click here to access. Lots of economics here. Questions for discussion:

1. Why was the fish so expensive?

2. What does article suggest about price elasticity of supply of tuna?


3. How will the purchaser make his money back from his investment
& why will it work?

Complementary goods, derived demand, elasticity - it's all here with Ice Cream Prices

Click here for a recent article on The price of vanilla has soared over the last two years, sending a chill down the spine of UK ice-cream makers.








Questions for you to attempt:

Why has the price of vanilla gone up? (4 marks)
What does the article suggest about the elasticity of supply of vanilla? (6 marks)
Assess the impact of rising vanilla prices on the producers of ice scream. (12 marks)