re: Waffle House workers are the latest group to strike, requesting $25 per hour

What do you do for a living?

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People don’t respect work

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Sure we do, just smart enough to realize not all workers have equal value.

Theres a shitload of people posting in this thread who have no clue how market wages are determined. Its embarrassing.

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What determines market price in your fairy world?

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It ain't may world it is the real, actual world. Supply and demand determines market price.



I have an old Labrador Retriever who produces a substantial amount of lawn fertilizer. I have a sizeable supply of it. There is, unfortunately, no demand for it and therefore you can not give it away....it has no market price because the supply is exponentially greater than the demand. I feed her Purina Dog Chow...it, along with the water she drinks, is the main source of her production costs. It costs about $.50 a pound. I could buy Old Roy dog food and it would cost me about $.30 a pound. I have reduced my production costs buy about 40%. One would think, therefore, that I could sell that lawn fertilizer for less money but guess what? There is still an ample supply but no demand...the cost of production had no impact on the market price, as it does not in all cases. I could go the other way. I could feed her ribeye steak. We'd increase production costs by about 1600%. By many accounts, reading this thread, I could sell that lawn fertilizer for 1600% more than I could if I kept feeding her the Dog Chow. Unfortunately there is still an ample supply and no demand and therefore no market price...there is no production cost at which there would be a market price for that fertilizer.


The same is true for products and services. There are many, many, many examples of products and services which have a market price...there is a demand and a supply.....but some producers simply cannot produce that product or service at a cost which allows them to sell that product or service at a price which would allow them to remain in business. Production costs have no impact on market price. If they did there would be no reason to manage costs...you'd simply pass them unto consumers without a care in the world.

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Right, the stimulus payments, student loan pauses, etc were done because people just had too much money to spend. Tell me another joke.

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They were done to buy votes. It resulted in consumers having a pile of extra money and the result was an increase in demand at the same time that there were obstacles in supply chain...thus market prices increased. The increase in money in the hands of consumers was going to drive inflation...coupled with the supply chain issues, some of which were real and most imagined, inflation was sent into hyperdrive. Across the board and on both sides of the aisle the reaction to what amounted to a bad flu season is now being paid for with higher prices....most people saw it coming, many who did did not giver a tinkers dam. It has nothing to do with increased production costs because increased production costs do not impact market price. If they did there would be requirement to manage costs.

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What if production cost exceeds market price ? Does market price rise to compensate, or does the transaction just not happen?

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You get Rivian, which went bankrupt.

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Most of the people saying he deserves nothing haven't done that

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You act like the dude had to go to Le Cordon Bleu to do his job. My 12-year-old son can cook a fried egg and put bread in a toaster.

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In your post before this one you seem to laugh at the idea that production costs do not affect market price, and here you seem to support the idea.

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:facepalm:

The first post was laughing at the assertion that it doesn’t.

The second post is an example of what happens when a business sells below production cost and doesn’t “adjust” for it.

Jesus, Tuba.

How is this thread still going?

Trying to get Tuba to define Market Price and watch him disappear.