Imagine you’re selling couches and you don’t know the true market value. If you advertise 20 couches for $100 each, you’ll have 100 customers lined up. What should you do?
Economic Action
Raise your prices. You will keep the customers who were willing to pay more, and get rid of the “extra” customers. Lowering the number of customers by raising your prices makes more money, and eases your workload of responding to potential customers.
Example: Selling 20 couches for $100 each will net you $2,000. If 1/4 of your customers (25%) are willing will pay $200 for a couch, you’ll make twice as much.
Ideally, you want to make as much money as you can — but this is difficult because you don’t know exactly how much a consumer is willing to pay.
Real Life Application
This can be applied towards items that you put on Craigslist. Let’s say you have an Ipod Nano that you don’t know the value of.
Imagine your post on Craigslist for $20 gets 100 responses. This is a good sign, because a lot of people want your Ipod, but you can only sell it to one and you want to make the most money you can.
Repost it for a higher amount and see how much people are willing to pay for it. If you get no responses, play around with it until you get the number of responses you want (generally 3 or 4 for this product because not everyone who is interested will buy it).
Your Score: Sad Cookie Cat
67% Affectionate, 46% Excitable, 71% Hungry
 You are the classic Shakespearian tragedy of the lolcat universe. The sad story of a baking a cookie, succumbing to gluttony, and in turn consuming the very cookie that was to be offered. Bad grammar ensues.
To see all possible results, checka dis.
An article I was reading here: http://news.com.com/8301-10784_3-9747799-7.html was very well written. It seems that Google wants to acquire bandwith that is offered by the government which will make potentially free phone service availible, and this article speculates that Google will both do heavy damage to the cell phone industry as well as the online advertising industry.
How cool would it be to have free phone service? Talk all you want and pay… 0$/month — but get spammed by advertising between every call.
I’m surprised at how long it took me to finally get the chance to watch this masterpiece. I was thoroughly impressed by it as a film in general. The action sequences were spectacular, but the true essence of the movie lied in it’s storyline. It’s one of the movies that you watch that make you want to do something. It teaches you a lesson, one that rings true in life and gives you that “Ah hah! I understand” feeling.
One of the things that this movie alone teaches is selflessness, which today is both overrated, and underrated at the same time. It is impossible to be truly selfless, because human beings instinctively want and need to look after themselves. Society on the other hand, believes that you should live to serve others — that’s the most “enlightened” way. The answer is balance.
All in all, this film taught me a lot, as well as gave me an incredible message as to how a film should be. I’m beginning to see a pattern to Jet Li movies — they are freaking awesome.