Cam is talking to a lady at Lily’s play class about movies to make small talk, and they have very different opinions on how talented Meryl Streep is. Cam loved her performance in Sophie’s Choice and has a hard time thinking about having to choose between Lily and Mitchell. While each person has their own subjective preferences when it comes to entertainers, nearly everyone faces the same struggle of having to decide between saving family members.
See more: choices, preferences, ranking, subjective value, tradeoffs, transitivity
Claire has a creative (and often illegal…) way to dispose of Phil’s possessions that she does not like.
See more: subjective value, tastes and preferences
Luke discovers that used women’s shoes command a higher price when he sells to people with very specific tastes. He and Alex join forces to supply goods to this niche market. By differentiating their product from just reselling shoes, the two can earn big profits.
See more: demand, monopolistic competition, outputs, product differentiation, profit, revenue, subjective value, supply, tastes and preferences
Mitchell grew up on a farm wanting to be part of a lake family. He laments that anyone can visit the lake, but only wealthy families can sleep on a lake, implying that lake life if a luxury good. Discovering they own lamps that are on a boat, Mitch likes them less but Cam likes them more.
See more: demand, luxury goods, normal goods, subjective value, tastes and preferences
Gloria is sick and Cam tries to help around the house. Gloria’s family remedy for colds is a bit smelly and Cam accidentally uses Joe’s cape. Gloria points out that Joe has a strict ranking set when it comes to that cape and he even places the cape above his own father.
See more: preferences, ranking, subjective value, transitivity, utility
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.
See more: exchange, externalities, gift giving, inefficiency, irrationality, negative externalities, subjective value
It’s time for Jay and Gloria to exchange gifts and Jay is anxious about his gift from his wife. He struggles finding the right gift because it always seems like a competition. If the two didn’t exchange gifts then the extra psychic costs wouldn’t exist. It turns out that Gloria actually really loves Jay’s gift, but Jay really wanted that watch.
See more: gift giving, inefficiency, irrationality, psychic costs, subjective value