Calculate how scarcity influenced your purchase decision
1. Find out a recent purchase that you made and calculate how scarcity influenced your purchase decision.
2. Give an example how scarcity of a product would have an impact on a macroeconomic and microeconomic level.
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A company which produces fine crystal knows from experience that 13% of it's goblets have flaws and must be classified as seconds.
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Find out a recent purchase that you made and calculate how scarcity influenced your purchase decision. Give an example how scarcity of a product would have an impact on a macroeconomic and microeconomic level.
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Determine the probability of the chosen ball being dull conditional on it being red? Determine the probability of the chosen ball being shiny conditioned on it being red?
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