Price is determined by supply and demand, and this particular Tuna is an endangered species…
This is proof positive of the market principles the Left seems to have trouble wrapping its head around. Making something more scarce doesn’t make people not want it… it just changes the price people who REALLY want it are willing to pay.
A Japanese sushi tycoon paid a record $3.1m for a giant tuna at the first predawn New Year auction in Tokyo’s new fish market on Saturday.
Self-styled “Tuna King” Kiyoshi Kimura forked over the whopping sum for a 278kg bluefin tuna, an endangered species that was caught off Japan’s northern coast.
“The tuna looks so tasty and very fresh, but I think I did too much,” Kimura, who runs the popular Sushi Zanmai chain, told reporters.
That works out to 611 lbs.
A little quick math tells us that fish was worth about $5073 a pound.
That’s…
… surprising.
If you’re willing to pay $5073 a pound — WHOLESALE cost — imagine what the restaurant price would be for the finished product?
You’ve got to REALLY love that tuna to pay that kind of coin for it. And they do.
A single piece of “otoro”, or the fish’s fatty underbelly, can cost dozens of dollars at high-end Tokyo restaurants.
Surging consumption of the Pacific bluefin tuna in Japan and overseas has led experts to warn it faces possible extinction, with stocks depleting by 96 percent from pre-industrial levels.
They love it a lot.
And those crazy prices are as simple to explain as supply and demand.
Market principles. They’re a real thing, whether the left acknowledges them or not.
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Photo Credit: Reuters (Fair use)
