LECTURE 10.18 CUSTOMS

LECTURE 10.18 CUSTOMS - LECTURE 10: 10/18/11 Customs...

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LECTURE 10: 10/18/11 Customs dictated by culture break down with o Education Opens mind on how to try new things, think of new ideas, learn how to use new goods and services o Media Instant communication o Mobility Traveling More you travel, higher chance of being exposed to thousands of new ideas Funeral Industry o Do not operate in a free market o Pricing of a funeral service represents a combination of costs, customs, and psychology o Producers charge whatever the traffic will bear Consumer’s emotional state Consumer ignorance and irrationality o 3 rd largest expenditure o Dependent on culture and religion: custom o Demand is CONSTANT; Supply is FIXED o Funeral industry has no national market. Consists of composite of local markets characterized by a monopoly or oligopoly
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This note was uploaded on 02/23/2012 for the course ECON 162 taught by Professor Mammen during the Fall '12 term at UMass (Amherst).

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