Tuesday, April 2, 2013

Economist Daily Chart - Barbie Price Elasticity

Barbie doll prices vary by job, with only a moderate relation to actual salaries

BARBIE has been busy. The doll that celebrated her 54th birthday on March 9th has had more than 130 careers. Some command higher wages than others. What is perhaps surprising is that the price of a doll varies by profession. Most in the "Barbie I can be…" collection cost $13.99, according to its maker, Mattel, and Amazon. But some, like “computer engineer” or “snowboarder” can fetch two or three times more. This can’t simply be explained by the cheap accessories that come with it—why should a miniature plastic laptop be valued so much higher than a chef’s tiny cupcakes?