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Economics of Modern Family

A look at hidden economic concepts in the hit ABC hit comedy series Modern Family.

  • Micro Topics
    • Consumer Choice
    • Foundations & Models
    • Markets at Work
    • elasticity
    • Government Intervention
    • Externalities and Public Goods
    • Costs & Production
    • Perfect Competition
    • Imperfect Competition and Price Discrimination
  • Macro Topics
    • Finance
    • growth
    • inequality
    • money
    • Public Choice
    • trade
    • unemployment
  • Upper Level
    • Behavioral & Game Theory
    • Education and Health
    • Household & Family
    • labor
  • Characters
    • Alex
    • Cam
    • Claire
    • Gloria
    • Haley
    • Jay
    • Joe
    • Lily
    • Luke
    • Manny
    • Mitchell
    • Phil
  • How to Teach
  • About
    • About the Authors
    • Submit a Clip

Tag: market for lemons

Asymmetric Toaster

http://videos.criticalcommons.org/transcoded/http/www.criticalcommons.org/Members/JJWooten/clips/modern-family-asymmetric-toaster/video_file/mp4-high/s4-e6-asymetric-toaster-mp4.mp4

 

Luke and Manny’s class is having a yard sale to benefit UNICEF, but Jay hates when people haggle. Someone goes into Jay’s house and tries to buy his toaster, but isn’t willing to commit because it’s a used toaster and he’s unsure of its quality.

See more: asymmetric information, insurance, market for lemons, used goods, willingness to buy, willingness to sell

asymmetric information, insurance, market for lemons, used goods, willingness to buy, willingness to sell

Selling a Lemon

http://videos.criticalcommons.org/transcoded/http/www.criticalcommons.org/Members/JJWooten/clips/modern-family-selling-a-lemon/video_file/mp4-high/s2-e1-selling-a-lemon-mp4.mp4

 

Phil is trying to sell the family’s station wagon, but it has some issues. Phil words the advertisement in a way to make the car seem unique instead of defective.

See more: asymmetric information, lemon, market failure, market for lemons, marketing

asymmetric information, lemon, market failure, market for lemons, marketing

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