Categories
Consumer Choice & Behavioral

Inefficiency of Wrapping Gifts

After being assigned to wrap gifts for customers, we learn that Garrett doesn’t actually no how to this. He tries to hide this by making an economic argument that wrapping gifts is inefficient since it just wastes time in the transaction process.

Categories
Principles

A customer is checking out at the pharmacy, but asks Tate if he can ring up just a few more items. Even though is main job is a pharmacist, he obliges the customer. With a long line behind the customer, Tate recognizes that his Doctorate of Pharmacy is probably better spent helping his customers with medical needs rather than helping the customer avoid another line at the front of the store.

Categories
Consumer Choice & Behavioral

Nonrefundable Movie Ticket

Glenn wanted to see Saw because he thought it was about carpentry, but he quickly realized it was a horror movie. He wasn’t having a good time and even threw up in his lap, but his wife didn’t want to leave because they paid for the ticket and it was date night. Glenn and his wife should have left if they weren’t enjoying their movie since the tickets were non-refundable, but like many people, Glenn and his wife fell for the sunk cost fallacy.