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Apartments are expensive due to the scarcity and high demand of them. However, there are other reasons for items, such as popcorn, being expensive.

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As of current, the cost of living is relatively higher than it was in the past, this expense is the result of scarcity. This can be seen with the small number of apartments overlooking Central Park in New York or Hyde Park in London, yet many people demand these apartments. This results in the increase in prices of these apartments, resulting in many people being unable to afford them. However, this is not as obvious with other commodities such as popcorn in the cinema, as there is no information of an obvious shortage of popcorn, therefore it may be best to distinguish between different reasons as to why certain products are expensive.

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Within our society we may deem many thing as being expensive, this of course is the natural outcome of the power of sacristy. Luxury apartments in popular urban areas such as London and New York are expensive because many people want them resulting in higher demand and a higher price but because of scarcity this leaves many people disappointed. The price of popcorn being expensive despite no supply shortages is another area that can be explored

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Certain inflated prices, such as rent of prestigious land, can be explained by the clash of high demand with fixed or low supply.
However, other products, like popcorn in cinemas, can have prices just as inflated with no such clash of demand and supply.

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High rents can often be justified by principles of supply and demand - limited numbers of properties with unique selling points (such as a view of Hyde Park) can create upwards pressure on prices when met with high demand.

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Harford (2012) discusses justifies the issue about why rent prices are high in certain areas such as in Central Park in New York, talking about one reason being scarcity. He did also allude to the fact that scarcity is not the only reason why other goods and services may not be expensive, and that we may want to look at other reasons influencing prices of goods and services.

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Harford discusses the causes of high rent by explaining the concept of scarcity through providing relevant and relatable examples.

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Harford understands that there is a clear reason for being ‘ripped off’ in some circumstances such as apartments overlooking New York’s Central Park, which are scarce and high in demand. However, he argues that overpricing things that are in abundance, such as popcorn at cinemas, isn’t as obvious.

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Price levels are high, but not all instances we see high prices are justifiable by factors such as scarcity. For example, apartments in New York or London with views overlooking Central Park or Hyde Park respectively are expensive, but understandably due to their limited number but high demand, leading to price rationing function scenarios. However, other goods like popcorn are expensive despite being very accessible.

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It is understandable that scarcity naturally causes an increase in prices, as seen in the case of highly-demanded apartments overlooking Central Park in New York or Hyde Park in London. However, different explanations are offered for items such as popcorn, which also risen in price despite not facing the issue of scarcity.

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This text discusses the two reasons for the high costs of expenses in life. One reason is the natural outcome of scarcity, which is due to high demand as seen through apartments in New York. Another reason is due to high cost of goods such as popcorns.

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Scarcity is a leading cause of increased rental prices as high demand allows property owners to increase their prices - leaving many people dissatisfied. However, scarcity is not always the reason for making goods more expensive, such as increased popcorn prices in cinemas.

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There are different reasons for high rent: for example not many apartments overlook Central Park in New York or Hyde Park in London, because of people’s interest in them, these apartments are expensive. However, high rent can be justified by different reasons.

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The price of items or goods can be higher than expected. In some cases this can be attributed to the Power of Scarcity, people are willing to pay more for something there is less of. In other cases, the item/good is being sold in a situation which allows for a higher price based on the context in which the item is being sold.

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There are multiple reasons as to why goods are expensive, and whilst at first it may be assumed that this is due to scarcity, such as with the limited amount of apartments that overlook Central Park in New York or Hyde Park in London, it can be argued that this isn't the case of all goods, where goods clearly aren't relatively limited but are contrastingly, expensive.

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Text 2 discusses how prices are volatile in an economy where scarcity is present, however, that there are different reasons for changes in prices.

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A natural outcome of the power of scarcity is higher prices. For example, there are not many apartments overlooking Hyde Park in London or Central Park in New York, and this results in their prices being more expensive than the average property. This may be quite self explanatory, but we will need to find out the reasoning for things being expensive to dig deeper into other examples such as why popcorn is so expensive at the cinema

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Text 2 discusses the reasoning behind prices and why certain items are expensive. The author uses the example of apartment prices in New York and London and humorously compares it to the price of pop-corn at the cinema to showcase the reasoning behind why items are priced the way they are. The author explains that ‘scarcity’ is the reason why apartments in New York and London are expensive and that it is justifiable that prices are high given the high demand of these apartments and low supply. Conversely, the author critiques the inconceivable price hike of pop-corn going as far as to labelling it a ‘rip off’.

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Increased demand for apartments pushed up the prices which stresses importance on the idea of scarcity but popcorn is expensive is well despite an abundant supply which indicates further reasons must be explored to truly understand the high prices for goods.

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There are various reasons for why goods are expensive, one of which is due to supply and demand. This can be seen by high prices of apartments in central and populated cities, like New York and London. Another reason may be due to convenience and different elasticities of demand, which is evident by higher prices for popcorn in cinemas that would otherwise be lower in more accessible places, like supermarkets.