S’no mystery that prices are higher

How is the Chicago snowstorm of 1967 like the arrival of the Sony PlayStation3? In "Capitalism and Greed," economist James Doti tells a story from his graduate school days. Snowbound in a blizzard, trucks could not get into the inner city to deliver supplies to grocery stores for nearly a week. One grocer's solution not only kept his customers in supplies, he did it without lines, rationing, or fisticuffs. Hint: it's all about price; more specifically, about price elasticity of demand.