Dr. Jamm bought a cooktop table from Benihana for $4,000 and thinks it is worth every penny. While Leslie and Chris may not place the same value on the table, Jamm’s subjective value is at least $4000.
See more: consumer surplus, demand, intrinsic value, luxury goods, preferences, status good, subjective value, value, willingness to buy
Ron’s chair becomes popular after being featured in Bloosh, and Annabelle wants to talk about licensing his designs and scaling up production. Instead of having each handmade by Ron Swanson, they can be mass-produced by foreign labor.
See more: demand shifts, economies of scale, luxury goods, outsourcing, preferences, product differentiation, subjective value
Donna and Tom take Ben on a “Treat Yo Self” day to help him relax, but he just buys socks, which he feels like he needs. Donna and Tom challenge him to think about what he would buy for himself if he could get anything he wanted. Ben decides he wants a Batman costume.
See more: elasticity, income effect, income elastic, luxury goods, necessities, normal goods, preferences, subjective value, utility
Economics of Parks & Recreation 