Eco 212 Week 1 Checkpoint Analysis

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Week 1 Checkpoint EXCEO/212 Week One Check Point Consumer Behavior Jennie Bregan Principles of Economics: Why Boosting Prices CAN Increase Sales In today’s economy, a person lives paycheck to paycheck. In so we are always looking for the best price on anything we buy. Sometimes we will travel farther just to snag the best deal. With this in mind, we also know about quality, and how sometimes price does sacrifice quality. We were provided a good example with the wine issue. Personally I would be a consumer who bought the $20 bottle of wine as well. Sounds silly, I know but look at it this way: with wine in particular, price means quality. A $10 bottle of wine will have the poorest quality of the bunch and the $40 will have the best. We all know how to sacrifice some quality, but we generally want…show more content…
We learn from those around us what is good, bad, etc. This is the same for the quality of products we are each willing to purchase. I wasn’t rich, nor was I poor, but I was brought up to walk to a good sale. I love designer brand anything, it has better quality and lasts longer than other brands. But I won’t go crazy, I shop at certain stores that have my taste and price range. However if you offered me a Coach Handbag for $25, I would not buy it. I would rather be sure of the quality and originality and purchase the one for $75. I consider myself an average consumer, and I see the world react on some level I do about consumer pricing and quality in all products we buy. Sometimes it’s not just quality but the human psyche as well. Some may see themselves better for accepting the middle price for something. The human mind effects almost all of our decisions. What I mean is, we do not buy the $10 wine because then we know (and sometimes others) will perceive us as cheap. Instead we go with the average price so we can boost ourselves up as

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