pricing techniques

pricing techniques

1. The Jeffersons is an American TV show from the 1970-80s. George Jefferson, a black man, did not have college education and worked hard to support his family. By luck, cunning, spunk and enterprise he now (somewhere in the 1970s) has a thriving business of 7 dry cleaning stores all over New York. He is now reasonably rich and his family has moved out of the ghetto at Harlem to a deluxe apartment in the eastern side of Manhattan. Though they are rich, they have a soft spot for their past and vehemently support the black every way they can. George, however, sometimes forgets this when he is planning some shrewd business move to get him higher profit but his family eventually always get him back to track when he digresses.

In Season 2, Episode 24, The Wedding (1976), we have George and his wife, Louis, planning to renew their marriage vows; however, Louis learns something about George?s business practice that severely upsets her emotionally. She learns that George charges the same high price at his dry cleaning store in Harlem as he charges his customers at the other 6 stores in rich neighbourhoods. The poor black community in Harlem is suffering as it has just that one dry cleaning store in that neighbourhood. Louis did not take a course in ECON5503 and she blackmails George into submitting to an ethically and morally fair business deal. She plays difficult at the wedding and puts George in an awkward position in front of the assembled guests. Eventually she gets George to charge 10% less at the Harlem store and then takes her vows.
You, however, are taking the ECON5503 course. Suppose Louis hired you to convince George to see her way and end this unethical business practice. You, the business advisor, are going to use theory of economics, not emotions, to build your case.
a. How will you persuade George? )
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