Opportunity Cost and Tradeoff

Opportunity Cost and Tradeoff We use economic concepts on a daily basis without even knowing it! When you decide whether or not to eat lunch at a restaurant or make a sandwich at home, you are making a decision based on the costs and benefits of those options. Economists use these same basic tools to examine economic issues. Think about one choice you made in the past several days and explain how this could be analyzed using economics concepts such as tradeoffs, opportunity costs, and marginal analysis. Think about one choice you made in the past several days and explain how this could be analyzed using economics concepts such as tradeoffs, opportunity costs, and marginal analysis. Discussion Checklist: How does the concept of “tradeoff” relate to “opportunity costs?” What is the difference between monetary and non-monetary opportunity costs? Why are opportunity costs based on a person’s tastes and preferences? Sample paper Economics is part and parcel of human life as he attempts to satisfy his...
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Demand Analysis of Nike Air Jordan Basketball Shoes

Demand Analysis of Nike Air Jordan Basketball Shoes

Demand Analysis of Nike Air Jordan Basketball Shoes Nike is one of the most powerful brands in the world. The company is primarily involved in the design, making and marketing of footwear and apparel products. Nike has a worldwide distribution of its products. Nike’s pair of Air Jordan basketball shoes are among the most expensive, retailing at $185. Since 2003, a pair of Air Jordan basketball shoes averaged between $160 and $190. By using economic principles, it is possible to see why Nike charges this amount. First, there is a high demand for Nike shoes globally. The high demand is driven by production of quality and innovative footwear products that appeal to a large segment of the consumers. Nike made use of innovative ad campaigns and promotions to market its products to the consumers. Superstars such as Michael Jordan were used to promote the brand name to the consumers. The result was a high brand awareness and more demand for the...
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