The Economics of The Office

Learning economics from the world's best boss


In this clip, Michael tries to buy flowers only to discover how expensive they are. This is a good example of the relationship between price elasticity of demand and the availability of substitute goods. Also we see that when the price of a good is above someone's reservation price, they will either go without the good or purchase a substitute good.

Season 4 Episode 3 "Andy's Play"

Microeconomic Behavior: Underlying Principles (D01) Market Structure and Pricing (D40)

Michael Phyllis Stanley

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