Thrift Shop

1. The “twenty dollars” is what type of income? 

Answer: “twenty dollars” is his disposable income, the income he has to spend.

2. Thrift shop items are what type of good?

Answer: Inferior goods. The items at second hand store are items that the original owner no longer wanted.

3. Macklemore is “happy” about the “bargain”. What is he accomplishing?

Answer: Maximizing utility. Recall that we get more utility when MUx/Px is high. Getting a “bargain” indicates he is “happy” with the value he receives.

4. Macklemore continues shopping because the price of additional purchases is than the:

Answer: Marginal benefit. Marginal thinking requires us to compare the MB with the MC.

5. Macklemore’s plan to buy and sell a pair of sneakers is a form of:

Answer: Arbitrage. This occurs when a buyer sees an opportunity to buy low and then sell the product again at a higher price.

6. What system can trade one’s trash for another’s treasure?

Answer: A trade without the use of cash is considered barter. Barter trades are typically harder to consummate because they require a double coincidence of wants.

7. Pickers selling thrift shop finds at a higher price is an example of which type of market?

Answer: An inefficient market exists when an opportunity for arbitrage exists (that’s what pickers do).

8. What value does Gucci primarily seek to raise through marketing?

Answer: Perceived value. Advertising shifts the demand curve out and also makes demand more inelastic – both of which allow the seller to charge more.

9. Macklemore refuses to buy new clothing at any price. It can be assumed his demand is:

Answer: Perfectly elastic. Price is everything.

10. With the time spent “looking for a come up”, what should be higher than the cost of new?

Answer: Opportunity cost. Value shoppers often fail to fully account for the opportunity cost of their time when making decisions.

“Thrift Shop” 

I'm gonna pop some tags
Only got twenty dollars in my pocket
I-I-I'm hunting, looking for a come-up
This is fucking awesome
Nah, walk up to the club like, "What up? I got a big cock!"
I'm so pumped about some shit from the thrift shop.
Ice on the fringe, it's so damn frosty
That people like, "Damn! That's a cold ass honkey."
Rollin' in, hella deep, headin' to the mezzanine
Dressed in all pink, 'cept my gator shoes, those are green
Draped in a leopard mink, girls standin' next to me
Probably shoulda washed this, smells like R. Kelly's sheets
(Piiisssssss)
But shit, it was ninety-nine cents! (Bag it)
Coppin' it, washin' it, 'bout to go and get some compliments

Passin' up on those moccasins someone else's been walkin' in
Bummy and grungy, fuck it, man
I am stuntin' and flossin' and
Savin' my money and I'm hella happy that's a bargain, bitch

I'mma take your grandpa's style, I'mma take your grandpa's style

No for real - ask your grandpa - can I have his hand-me-downs? (Thank you)
Velour jumpsuit and some house slippers
Dookie brown leather jacket that I found diggin'
They had a broken keyboard, I bought a broken keyboard
I bought a ski blanket, then I bought a kneeboard
Hello, hello, my ace man, my Mello
John Wayne ain't got nothing on my fringe game, hell no
I could take some Pro Wings, make them cool, sell those
The sneaker heads would be like "Aw, he got the Velcros"

I'm gonna pop some tags, only got twenty dollars in my pocket
I-I-I'm hunting, looking for a come-up
This is fucking awesome
I'm gonna pop some tags, only got twenty dollars in my pocket
I-I-I'm hunting, looking for a come-up
This is fucking awesome

What you know about rockin' a wolf on your noggin?
What you knowin' about wearin' a fur fox skin?

I'm digging, I'm digging, I'm searching right through that luggage

One man's trash, that's another man's come-up
Thank your granddad for donating that plaid button-up shirt
'Cause right now I'm up in her skirt
I'm at the Goodwill, you can find me in the (Uptons)
I'm not, I'm not stuck, I'm searchin' in that section (Uptons)
Your grammy, your aunty, your momma, your mammy
I'll take those flannel zebra jammies, second-hand, I rock that motherfucker
The built-in onesie with the socks on that motherfucker
I hit the party and they stop in that motherfucker
They be like, "Oh, that Gucci - that's hella tight."
I'm like, "Yo - that's fifty dollars for a T-shirt."
Limited edition, let's do some simple addition
Fifty dollars for a T-shirt - that's just some ignorant bitch (shit)
I call that getting swindled and pimped (shit)
I call that getting tricked by a business
That shirt's hella dough
And having the same one as six other people in this club is a hella don't
Peep game, come take a look through my telescope
Tryna get girls from a brand and you hella won't
Man you hella won't
(Goodwill... poppin' tags... yeah!)

I'm gonna pop some tags
Only got twenty dollars in my pocket
I- I-I'm hunting, looking for a come-up
This is fucking awesome
I wear your granddad's clothes
I look incredible
I'm in this big-ass coat
From that thrift shop down the road
I wear your granddad's clothes (damn right)
I look incredible (now come on man)
I'm in this big-ass coat (big ass coat)
From that thrift shop down the road (let's go)
I'm gonna pop some tags
Only got twenty dollars in my pocket
I-I-I'm hunting, looking for a come-up
This is fucking awesome
(Is that your grandma's coat?)