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No Free Lunch - Admission/Application Essay Example

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This paper outlines that “No Free Lunch” is an intriguing phrase that leads me to think that, “Is there really such a thing as something free in this world? I would like to say that, really, nothing could be had for free. Even in the history of our forefathers, everything had its price. …
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Download file to see previous pages The phrase has been used in economics by several authors and was popularized by Robert Heinlein in 1966 in his science fiction novel “The Moon is a Harsh Mistress”. Milton Friedman, a well-known economist referred to this phrase when he used it as a title of his book, while another economist, Campbell McConnell referred to it as a “core of economics”. (Absolute Astronomy) The word “Free Lunch” became popular in American bars during the nineteenth century that offered “free lunch” in exchange for a bottle of beer.
The word TANSTAFL suggests the acceptance of the idea of the society that nothing could be had for free. If there is something offered for free, particularly in business, something else is undisclosed or hidden or distributed. In the simple transaction, “Buy one take one free” is not really free because the cost is distributed to the two items making you believe that you got it for free. Marketing strategy plays an important role here, as in when one restaurant says “Eat All You Can”. Customers are attracted to an array of foods offered, and buy lunch for “Eat All You Can”. We all know that there is a point of satisfaction to fill one’s stomach, and this point has been measured by the seller, so the customer is disadvantaged because normally, restaurant charges the customers more in this idea. The customer cannot eat as much as he can because of stomach’s limitation.
Another marketing scheme plotted by salesmen to introduce new products is by giving samples and taste tests to create awareness on the product The hitch here is the response created by the Free Tastes and other Free items. ...Download file to see next pagesRead More
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