Mortimer and Randolph Duke are billionaires who own
one of the largest commodities brokerages in the world. Callous, competitive, and, above all, greedy, the Duke brothers
are guilty of countless instances of unethical, disreputable, and illegal business practices. They are constantly on
the lookout for ways to increase their own wealth and power at the expense of others, and stop at nothing to achieve their
ends. Their most recent scheme involves using inside information gathered by their malevolent agent, Clarence Beeks,
to corner the market in frozen concentrated orange juice.
As a pleasant diversion from their
capitalist plotting, the Dukes often compete with each other by making cruel wagers involving the lives of their employees.
Unfortunately for Louis Winthorpe III, a particularly tempting bet presents itself one day. Winthorpe, the CEO of Duke
and Duke, has had a black street hustler named Billy Ray Valentine arrested for stealing a briefcase containg the company
payroll. It’s an unfair charge, and Valentine is innocent of anything but having had the misfortune to bump into
Winthorpe in front of a snobby club. However, to Randolph Duke this is a golden opportunity to test his theory that
environment counts for more than heredity. He bets Mortimer that if Winthorpe and Valentine were to change places, the
elitist Winthorpe would rapidly turn to a life of crime. Alternatively, given the proper surroundings and encouragement,
the “negro from a bad home” would soon become just as successful in the commodities market as any Ivy League graduate.
The Dukes are rich, and money can make just about anything happen. The wager is made, and with the reluctant aid of
Winthorpe’s butler, Coleman, they strip their wealthy CEO of everything--his job, his home, his money, his limousine,
even his fiancee and his self-respect; then they give Valentine everything they’ve taken from Winthorpe. And that’s
when things get complicated . . .
ASSIGNMENT
Define and give an example from the film of the following economic vocabulary terms: Demand/Quantity
Demanded Supply/Quantity Supplied Market Equilibrium Economic Profit/Loss
Write out your answers on the AP Economics Online Discussion Forum.