Many supermarkets provide regular shoppers with “loyalty cards." By using the card when checking out, a shopper receives reduced prices on a few goods, and the supermarket compiles information on the shoppers’ purchases. Some supermarkets have switched from giving the same price reductions to all shoppers to giving some shoppers coupons that depend on a shopper's history. A manager at one supermarket that uses this approach said, "It comes down to understanding elasticity at a household level." Why would making the availability of coupons depend on a shopper's buying history involve “understanding elasticity at a household level?" What information from a shopper's buying history would be relevant in predicting the shopper's response to a price discount? 55

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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.

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Number 34