Week 1 Questions:
Substitutes and Complements
1. How do retail stores display their merchandise taking into account substitute or complementary goods? Give some examples.
2. Have your purchases been influenced by these marketing techniques? Give some examples.
Measuring Opportunity Cost
The following You Tube Parent Decision https://youtu.be/pWE7WDZC-lQ clip is good for opportunity cost (Skip the add). However, it doesn’t show how to measure it.
1. How would you suggest to measure the opportunity cost of the parent in the video
2. How would you measure the opportunity cost of the kid?
Marginal Analysis, Opportunity Cost
1. Could you think in situations that you could use opportunity cost, marginal benefit and marginal cost concepts to make your own decisions? Provide examples.
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