How do you know when no value is being created?
You ask who benefits not from the trade, but from the agent's existence. Let's reason counterfactually: what would the market look like if the restaurant were removed from the equation?
If the restaurant is profitable and popular, then customers will feel sad over its absence.
If the restaurant is unprofitable and unpopular, then removing the restaurant won't make much difference (and free up resources to be allocated elsewhere).
If the restaurant redistributes storebought merchandise where it otherwi
max( Candy / e^Walking )
fudged with a constant of proportionality (pun intended).
I was confused too. Not only by "did he mean video game?", but also "how does he define sales?".
I picked Super Mario Bros and called it a day.
FINISHED. ALL OF IT. \m/ Literally superhuman.
TIL I'm undifferentiated according to the BSRI... huh.
Karma for all, per tradition. <3
- a long time lurker
P.S. You can trashcan the premature submission that answers Part 8's first question with 23200. While revising my predicted date of the singularity, I brushed my keypad's enter (next to the 3) by mistake. ಠ_ಠ
Nice choice of username. :-)
Disclaimer: I'm no economist. This discussion is getting out of my comfort zone, so I skimmed wikipedia. I recommend you do likewise (and maybe browse a library). Here are my two cents anyway.
In your draft, I think you're confusing distribution with land-development with ownership.
... (read more)A Real-Estate Agent facilitates exchange. They create a market by matching buyers to sellers. They are valuable middlemen because buying and selling real estate would be more difficult otherwise.
A