Crunching the numbers on Father's Day - electric toothbrush price

Socks, trousers and ugly ties.
When choosing a Father's Day gift, economists have some simple advice: Think carefully.
According to industry analyst IBISWorld, Australia is expected to spend $0. 66 billion today to destroy our dad.
The average cost per Australian is $28.
It's less than half the average $60 Mother's Day for DAD.
But she did give you nine months so let's not resent mom.
For Dad, the biggest expense this year is to go out for a special meal ($165 million).
Electronics and electronics ranked second ($87 million)
, Followed by gift cards ($64 million), clothing ($64 million)
Sporting goods and clothing ($61 million), hardware ($57million), liquor ($34 million)
Books and CDs ($32 million)
Personal care supplies ($30 million).
But what does your dad really want on Father's Day?
The first step in giving a good gift, economists say, is to admit that you will never really know what Dad wants.
Economists believe that the economy is a huge market in which people come together for mutually beneficial transactions to increase their well-being.
In the world of economists, only individuals can know their true wishes and preferences.
Trying to guess a person's favorite family or friend-
Give them gifts-
It is likely to be misjudged.
So when you buy an electric toothbrush for dad for $30, he only values $5 because he is happy with the old toothbrush, you have created a "deadweight loss" of $25 for the economy ".
This "deadweight loss" is the difference between the money spent by the giver and the value gained by the giver --
How much they are willing to pay for that project.
In the experiment, American economist Joel Waldfogel, author of "scroogemics: why shouldn't you give gifts during the holidays", gave students a dollar for the value of the gifts they received
The results showed that the student's valuation of the gift was 1 out of 10-3 points less than the price paid for them.
Given that the total cost of Father's Day is $0. 66 billion, this is at least $66 million to lose weight, and perhaps more.
What can we do?
Economists believe that the biggest gift you can get on this Father's Day is cash.
They don't think it's useless science!
Pay $50 for a colorful knit jumper for your dad who will stay warm in the winter.
Give him $50 and he can go and buy something he really wants to wear.
The second best option to minimize the unnecessary loss of giving gifts is to give gift cards or store cards.
The advantage of doing so is to show dad that you spend at least a few minutes thinking about what makes him happy, while also giving him the freedom to choose the gift he cherishes.
The third option is to give something that might affect your dad's values.
Maybe if you buy him a CD for Adele, he might find that he likes it and doesn't listen to Bruce Springsteen all the time.
So the third gift option is to give Dad something you really love.
After all, you are his child.
The fourth option is not to give gifts, but to promise to stop doing what really annoys him, like putting all your clothes on the floor or listening to a direction all the time.
This can improve his health in the same or more ways as any gift.
The last option, my favorite, is simply a gift for time.
Time is the most precious and scarce commodity that each of us must pay.
So if you're lucky enough to be with your father today, why not go out for a walk, blow the wind and listen to him tell a boring story? Who knows?
You will like it too.
Australia spends an average of $28 on Father's Day this year.
The average cost of Mother's Day this year is $60, more than twice that of dad.
On Father's Day this year, Australians are expected to come up with $0. 66 billion to spoil their father, including dining out and gifts, instead of $1.
Mothers 36 billion
Father's Day spending $0. 165 billion in cafes and restaurants
The biggest component of Father's Day spending.
Spend $87 million to buy the latest gadgets or appliances for dad, the most popular gift for Father's Day. 7.
Dad's spending on gift cards has increased by 6% this year, the second most popular gift option and the fastest growing. 3.
Dad's spending on sporting goods and clothing dropped 3% this year, the biggest drop in the popularity of gifts.
On Christmas last December, Australians spent an average of $1,213, including gifts, food and drinks.
Australians spent an average of $38 in four months.
This year's Easter holiday includes Easter eggs, fish, travel, food and wine.
Source: IBISWorld.