Sent by Jonathan Stark on August 29th, 2018
Time for a pop quiz:
Let’s say you live near a popular campground. To make a little extra money, you and all your neighbors sell firewood at the end of your driveways for $3 per bundle.
You know that your cost per bundle averages out to $2, so each sale nets each of you $1 of profit per bundle.
You know your neighbors’ prices (i.e., $3 per bundle) but you don’t know their costs, so you don’t know what their net profit per bundle is.
Then one day, your neighbor Alice lowers her price to $2.75 per bundle.
And then the next day, your neighbor Bob lowers his price to $2.50 per bundle.
What do you do?
Hit reply and let me know.
(Please let me know in your reply if it’s okay for me to share your answer)
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