Monday, October 25, 2010

Pricing in Venezuela

From my inbox:
Dear Professor,
I´m from Venezuela. And this picture shows the kind of things you find when you go to a Mercado Bicentenario in Venezuela (which is the new name of a chain of private markets -Cada and Exito- recently expropiated and now runned by the Government).
This one is from Mercado Bicentenario, in Centro Comercial Ciudad Tamanaco (CCCT), a mall, in Caracas, Venezuela.
It says:
Description of the product: Diana Oil.
Fair Price: 4,73 Bfs.
Capitalist Price: 7 Bfs.
% of savings: 32%.
My best regards, and congratulations for your blog, books and everything!