Haggling for an Ash Tray

 

Luke and Manny’s class is having a yard sale to benefit UNICEF, but Jay hates when people haggle. Even though the ash tray is marked at 50 cents, he is unwilling to accept a lower payment from a man who clearly can afford the full ticket price.

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Miracle Gloves

 

Phil helped a friend make an infomercial and then his friend served as the videographer for Mitchel and Cam’s wedding. This is an example of a double coincidence of needs and allowed for barter.

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Earrings vs an Exercise Equipment

 

Cam gives his mother in-law a pair of diamond earrings, but she reciprocated by giving him exercise equipment and salad drier. Cam doesn’t appear to think that the two gifts were of equal value, which shows how gift giving can be considered inefficient.

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Joe is in a Tree?

 

Luke is baby-sitting for Gloria. She expects him to care for her son in a responsible way. When Luke posts a selfie on social media, Gloria worries that her son might be in danger. This represents the principal-agent problem. Luke is the agent and Gloria is the principal. Is he acting in her best interest? Of course not! He’s shirking. To cover up his shirking, Luke tells Gloria that he has a series of photographs of her son in dangerous situation but they’re all fake. Now, he needs a series of photoshopped pictures but doesn’t use photoshop. So, he decides to only give Manny something that he wants if he photoshops Gloria’s younger son in to dangerous situations. This represents trade through barter. Luke has a pass that Manny wants. Manny has a skill that Luke needs. They trade because they have a double coincidence of wants.

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A Terrible Gift

 

Cam and Mitch go on vacation and bring Jay illness and a cheesy gift. The gift is so bad that Jay considers the illness a better gift.

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