Released in January 2021, Lupin is a Netflix television show inspired by the beloved Arsène Lupin, a fictional thief and master of disguise created by French writer Maurice Leblanc in 1905. Lupin was Netflix’s most-watched global show, with more than 70 million accounts watching the show within the first three months. More than 30 percent of Netflix subscribers have viewed the French series.

Clip URL: https://criticalcommons.org/view?m=OXKCr6cbq

Concept: Price elasticities, supply and demand, equilibrium

Background: In this clip, the Queen’s Necklace, which was given to Marie-Antoinette by Louis XVI, is auctioned off, with a starting price of 17 million euros. Assane Diop starts with a bid of 33 million euros, and ends up purchasing the necklace for 60 million euros. The necklace behind the episode is, in fact, real. The so-called “affair of the necklace” was a scandal that discredited the French monarchy in 1785, on the eve of the French revolution. The jewelry was comprised of 647 diamonds weighing 2,840 carats (Lever, 2013).

Question 1: What is the value of the price elasticity of supply for the Queen’s Necklace? Explain why the necklace is sold for much more than its intrinsic value.

Question 2: Draw the supply curve for the Queen’s Necklace. Suppose the demand curve is: . What is the equilibrium price?

Clip URL: https://criticalcommons.org/view?m=V4mUQXodW

Concept: Liquid asset

Background: Before the Queen’s Necklace, Assane had already stolen several pieces of jewelry, such as diamonds, earrings, and gold from an elderly woman.

Question: Using the concept of liquidity, discuss how liquid jewelry is and explain why Assane mainly focuses on stealing jewelry instead of art.

Clip URL: https://criticalcommons.org/view?m=DOrqvguqW

Concepts: Price discrimination, price strategies

Background: When Assane was a teenager, Claire needed a violin for her recital. To rent a violin for one day, it would cost 350 francs, or 1,500 francs for one week.

Question: Why is the owner offering to rent the violin for a week for less than 2,450 francs (350 x 7 )?