Economics Real Life Examples by Sohil Sreerangam

Price ceiling on Uber in India

sohilsreerangam — 2024-05-01 08:51:27 UTC

Uber is a well-known ride-hailing company with over 9 million customers and over 3.5 million drivers. Uber's surge pricing approach in India has been criticized and challenged. While surge pricing is intended to balance supply and demand during peak hours, it has received substantial criticism from riders who believe it results in exorbitant costs. Some argue that surge pricing can be exploitative, leaving riders with few affordable options during critical times.

Subsidies on EV's in USA

sohilsreerangam — 2024-05-01 08:54:56 UTC

In the USA there has been a recent act that has been passed in 2022. It's called the IRA or the Inflation Reduction tax. Before the IRA there were many limitations of the subsidies granted for electric vehicles. The IRA was created to overcome these limitations and make these incentives/subsidies more accessible to the people who purchase electric vehicles.

Price floor on pork in Japan

sohilsreerangam — 2024-05-01 09:01:37 UTC

Due to the economic event, the price floor, imposed by the Japanese government, pork prices were raised to ¥380 a kg from ¥365, and for beef, it raised to ¥790 a kg from ¥780. In Japan's past, they have had many disruptions in the global market chain due to imports of meat products. This government intervention, the price floor, was set to reduce Japan's reliance on imported meat products. The price floor also sought to strengthen rural economies. The government hoped to promote rural areas and keep a robust agricultural workforce by giving farmers with a consistent source of income.

Indirect Tax Increase on Tobacco in the UK

sohilsreerangam — 2024-05-01 09:03:08 UTC

Before the indirect tax imposed in 2012, more than 244 tonnes of cigarettes were produced and once the indirect tax increased, it dropped to around 162 tonnes. There were a few main reasons for the increase in indirect taxes. The first is to generate revenue for the government. Tobacco taxes provide billions of pounds in cash for the UK government each year. This money may be used to finance a wide range of government services, including healthcare, education, and infrastructure. As stated tobacco is a very addictive good which makes it price inelastic. Though the demand for the good will differ based on the price change, this change would be very minimal. Due to the government identifying that tobacco is an inelastic good, they were able to increase the indirect tax on it.

Alcohol PED in India

sohilsreerangam — 2024-05-01 09:04:50 UTC

The alcohol consumption in Arunachal Pradesh, a state in India, reached India's highest alcohol consumption per capita at 10.7 liters while the global average is around 6.3 liters. Alcohol consumption has major negative effects on people. In India alone, 360,000 deaths were attributed to alcohol consumption in 2015. To reduce alcohol consumption, the government intervention had to be unique.

Australia GDP

sohilsreerangam — 2024-05-01 09:07:33 UTC

In discussing Australia's economic performance in the third quarter of 2020, the article highlights a notable uptick in growth that is commonly referred to as a "kangaroo bounce." The COVID-19 epidemic caused the nation to experience its first recession in almost thirty years, yet despite this, there was a noticeable rebound in economic activity, especially in consumer consumption, exports, and company investment. Nevertheless, given the continued dangers and uncertainties, questions remain over how long this recovery may last.

Monopoly market for Google

sohilsreerangam — 2024-05-01 09:10:52 UTC

Google spends almost $10 billion a year to keep its dominant position in the search engine business, according to information released by the US government. This revelation coincides with heightened scrutiny of the tactics and commercial dominance of digital firms. The "default search engine" charge is purportedly paid to Google in order to maintain its default search engine status across a range of devices, including web browsers and cellphones. Opponents contend that these kinds of payments stifle innovation and competition in the online economy.

Subsidy Policy on Fertiliser in Indonesia

sohilsreerangam — 2024-05-01 09:17:12 UTC

The goal of Indonesia's fertiliser subsidy programme is to increase agricultural output and assist farmers. It has been offering subsidies for different fertilisers since the 1950s. Annually disbursed, these subsidies constitute an essential part of Indonesia's agricultural assistance framework. Concerns have been expressed, meanwhile, concerning the subsidy program's capacity to accomplish its stated objectives as well as its effects on the sustainability of the environment and the agriculture industry as a whole.

Market Equilibrium - Increase in Price of Salt in South Korea

sohilsreerangam — 2024-05-01 09:20:39 UTC

People in South Korea are buying salt in a panic because they think effluent from Fukushima may contaminate fish. Prices for salt have significantly increased as a result of this rise in demand. Japan's decision to discharge treated radioactive water into the ocean from the Fukushima nuclear facility is the source of the worries. South Koreans are still uneasy despite assurances from Japanese authorities and specialists on the safety of the treated water. The public's mistrust and worry over the possible health consequences of eating seafood that may have been exposed to Fukushima's wastewater are reflected in the panic buying.

UK indirect tax on sugary drinks

sohilsreerangam — 2024-05-01 09:32:33 UTC

The impact of the UK's sugary drink tax, which was enacted in April 2018 with the intention of reducing obesity rates, is discussed in the article. According to research, in its first year of implementation, the fee may have avoided almost 5,000 instances of obesity. Through providing producers with incentives to lower the sugar level of soft drinks, the legislation may have improved public health results. This demonstrates how well-targeted economic policies work to address public health issues like obesity.