Would You Pay $1200 for a Game Console?

The long-awaited Sony PlayStation 3 game console launched today
in Tokyo. Man, I haven’t seen a line that long since I promised my son
we’d camp out at Barnes and Noble to get him a copy of the hottest book
around,  Harry Potter and the Goblet of Fire the day it released back
in 2000. Well wait a minute – now that I think about it, maybe the line
to get a Tickle-me-Elmo for my niece at FAO Schwartz on Black Friday
might have been longer in the late 90’s. Oh and then there was that
line for Halo 2 in 2004…

No matter, PS3 is just the latest example of how supply and demand
is an economic principle alive and thriving thanks to today’s pop
culture. Even though PS3 will retail at $499 – $599 U.S., given the
limited quantity immediately available for the holiday rush, the wild
supply/demand roller coaster will have the potential to cause a severe
“loss of stomach” effect on American consumers – you know the feeling
when you dream you are falling? News reports are predicting that for
those of us who will be working on November 17, the day PS3 launches on
our continent, we can expect to pay upwards of $900 – $1200 U.S. via
online auctions – the only place the consoles will be available.

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