3 thoughts on “Episode 1: What is microeconomics?”

  1. Question about the sunk cost fallacy.

    You claim that after paying a non-refundable $500 fee for a gym membership, it does not matter how often we end up using it. But what happens to the utility we could gain from using the gym more often? I do not see how this is irrelevant.

    I think this is simply a bad example. Fortunately, the dessert example, where finishing the dessert clearly results in unnecessary harm, explains the fallacy rather neatly.

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