Reference no: EM133195750

Assignment:

Please tell us about a time when you took the cost of your time into consideration when you were making a decision. This could include a decision on whether or not to do something, how much to charge for something, how much you were willing to pay for something, etc. Please take the time to come up with a good example.

Don't forget to respond to a classmate.

Example: I paid $100 to sign my son up for surf camp. The camp is on Mondays and Wednesdays from 3- 6 and is a 30-minute drive from our house. I was happily taking him each week until his grades started to fall. I told him that I wasn't going to take him until he got his grades back up.

His response, "You should take me because you already paid for it."

My response, "The money I spent on camp is gone (it's a sunk cost) whether you go or not, but the time is not. You need to spend the four hours on your schoolwork instead of surfing until you get caught up. "

In this example, my son was only thinking about the explicit cost of the camp, not his (or my) implicit cost. He failed to realize that all the time he spent surfing (and being exhausted after) had a high cost in terms of his grades.

In a separate page

Think about a time when you either received really good customer service or really terrible customer service. Then think about how competitive the market probably is/was.

Describe your experience and why you think the market was competitive or not very competitive addressing the characteristics of a competitive market that we learned in the chapter. Do you think the amount of competition in the market had an impact on the quality of customer service you received.