WHAT IS THE “LUXURY PRODUCT” ECONOMIC PARADOX?
By Dr. David Edward Marcinko MBA
Courtesy: http://www.CertifiedMedicalPlanner.org
The more expensive something is – the less likely you are to use it. This relationship between price and product utility is graphed as an “inverted U.”
LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html
So, super car Ferraris sit in garages; but Fords get driven.
My own Jaguar touring sedan illustrates this paradox.
ESSAY: https://medicalexecutivepost.com/2018/09/02/my-jaguar-mechanic-vs-doctor-story/
This theory may even be valid for services; as well as products?
THINK: Plastic and cosmetic surgery?
Assessment: Your thoughts and comments are appreciated.
THANK YOU
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Filed under: Glossary Terms, Health Economics, LifeStyle | Tagged: luxury paradox, UXURY |
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