heres a good question how come pr 70s r worth so much, hold on with ur answer, im not done do they start at like $100,000 for the first one go down to $50,000 if theres 2 about $33,000 if theres 3? how to they determine prices? (just examples not real prices)
The law of supply and demand is not just a figment of economists' imaginations, it is a real world economic force. Oversimplified: If two people want something, and there are three of them for sale, the two lowest priced examples will be sold. But, if three people want something and there are two of them for sale, both will be sold at the lowest price that one of them can't afford. That's why it's really the second highest bidder who sets an auction price. The item is sold for one bidding increment higher than the most that second bidder was willing to pay.
It may sound silly Spider, but prices are actually determined by the buyer - not the seller. For example - a seller can offer a coin for any amount he wants - let's say $10,000. But that doesn't mean anybody will buy it at that price - just that he's asking that much.But let's assume the coin does not sell. So he drops the price to $8,000. Again it does not sell. The seller goes through this process a couple of more times and eventually he offers the coin at $1,000. This time it sells. The price/value has now been established - by the buyer. So the simple way to look at it is - anything is only worth what somebody else is willing to pay for it.
