Off Topic: The Flood
This topic has moved here: Subject: Calling all squid economists!
  • Subject: Calling all squid economists!
Subject: Calling all squid economists!
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

I've wanted to know the answer to this random question for ages now. I have several friends who are studying economics at university, but they don't know (or won't ask their lecturers).

Anyway, the question:
How much squid would have to be taken out, or put into, the market before one pound (lb) of squid cost a pound (£)?

It is a random question, but as a £ is commonly called a quid, you may be able to see some reason to it.

  • 02.02.2005 9:03 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

first off what is the cost of 1 pound of squid right now, and from area to area prices can change so what area are we talking about or is it all of England?

  • 02.02.2005 9:11 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

i'm not sure what the price of squid is right now. i'll check next time i see some. if we need to specify an area, i think london should do. feel free to do the calculations for somewhere in united states if you wish. is it £1 = $1.8 at the moment?

  • 02.02.2005 9:18 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

Think nearer $1.90, though i cant be sure as i cant remeber the exchange rate. And it may have changed dramatically

  • 02.02.2005 10:24 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

well if 1 pound of squid is about $1.90 (american)
and 1 (english pound) is about eqaul to $1.80 (american)
then using fuzzy math about 1 pound of squid cost 1 (english pound)

  • 02.02.2005 10:46 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

he was just saying the exchange rate is £1 = $1.90. we still don't know the price of squid.

  • 02.02.2005 10:54 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

I would think it was expensive, as I think it is a delicacym, and not too common, though maybe thats only in Britain, or where I ahve been in Britain. God suids are ugly.

  • 02.02.2005 11:13 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

Posted by: Duke Shootem
he was just saying the exchange rate is £1 = $1.90. we still don't know the price of squid.

o

  • 02.02.2005 11:22 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

i went looking for food shopping on the internet and found some 'squid tubes' on the sainsbury website. They cost £6.90 per kilogram. I reckon thats £3.13 per pound (lb).

any squid economists out there know how to work out how the price will drop if we start to saturate the market?

[Edited on 2/2/2005 11:24:46 AM]

  • 02.02.2005 11:22 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

now we need to find out the average dayly consuption of squid

  • 02.02.2005 11:24 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

wow I just realized how difficult this equation is going to be

never mind I think i'm overanylizing it.

[Edited on 2/2/2005 11:29:08 AM]

  • 02.02.2005 11:26 AM PDT
  • gamertag: [none]
  • user homepage:

My friend, you would not tell with ſuch high zeſt
To children ardent for ſome deſperate glory,
The old Lie: Dulce et decorum eſt
Pro patria mori.

Well then Colin the answer is simple:

Assuming Sainsbury's [and other retailers] operate a pricing scheme that reacts to variations in the real market price, you will need to calculate the gradient of the demand curve, and using that find out how much you'll need to increase supply in order to deflate the price.

Alternatively, you can petition the government to create a regulator for the squid industry [Offsquid I would expect] and operate a system of price enforcement, whereby £1 will buy 1/2.2Kgs of squid. Easily, the regulation approach is simplest, and far more efficient than letting the market screw things up.

  • 02.02.2005 11:41 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

it doesn't sound very simple.

how would i go about calculating the gradient of the demand curve? although, it may be easier to convince mr blair to do something pointless. hmmm..

  • 02.02.2005 11:47 AM PDT
  • gamertag: [none]
  • user homepage:

My friend, you would not tell with ſuch high zeſt
To children ardent for ſome deſperate glory,
The old Lie: Dulce et decorum eſt
Pro patria mori.

It's worked in the past!

  • 02.02.2005 11:49 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

no, but seriously, how do i do a demand curve?

  • 02.03.2005 10:24 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

Maybe [color=white]this[/color] wil help?

  • 02.03.2005 10:30 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

so... basically i'd have to model the whole economy before I could work out the demand curve, and therefore the price of a pound(lb) of squid?

that could take some time.

  • 02.03.2005 10:37 AM PDT
  • gamertag:
  • user homepage:
  • last post: 01.01.0001 12:00 AM PDT

Just phone the Treasury and demand a demand curve for it.

  • 02.03.2005 11:53 AM PDT