Can good news for farming be bad news for farmers? Why did the Organization of
Petroleum Exporting Countries (OPEC) fail to keep the price of oil high? Does
drug interdiction increase or decrease drug-related crime? At first, these questions
might seem to have little in common. Yet all three questions are about markets,
and all markets are subject to the forces of supply and demand. Here we apply the
versatile tools of supply, demand, and elasticity to answer these seemingly complex
questions.
Petroleum Exporting Countries (OPEC) fail to keep the price of oil high? Does
drug interdiction increase or decrease drug-related crime? At first, these questions
might seem to have little in common. Yet all three questions are about markets,
and all markets are subject to the forces of supply and demand. Here we apply the
versatile tools of supply, demand, and elasticity to answer these seemingly complex
questions.
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