Sunday, 15 March 2020

Hand Sanitizer Price Gouging - Econ 101

https://www.nytimes.com/2020/03/14/technology/coronavirus-purell-wipes-amazon-sellers.html

So this bozo was driving around buying up all of the hand sanitizer in his area, so he could sell it for 5x the price on Amazon and Ebay. Amazon and Ebay were fine collecting 10-15% of his profits until the media got hold of the story. Then they banned his seller accounts. Now he's stuck with 17k bottles of the stuff and can't sell it. There are several economic concepts at work in this story: when demand increases and supply is reduced, price rises. When there is no market for a product, it's worthless. Elastic demand is quite variable.

It seems that the sanitizer hoarder doesn't know what cryptocurrency is?

submitted by /u/wtfCraigwtf
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source https://www.reddit.com/r/btc/comments/fix35d/hand_sanitizer_price_gouging_econ_101/

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