Packet 11: Bonus 2
Answer some questions about the economic theory behind Labubus. For 10 points each:
[10m] Labubus are an example of goods named for this economist which break the law of demand since their demand increases alongside their price. This economist wrote The Theory of the Leisure Class.
ANSWER: Thorstein Veblen [or Veblen goods]
[10e] Pop Mart have actively manufactured the value of Labubus by using limited edition releases to artificially restrict this quantity, defined as the number of units produced.
ANSWER: supply
[10h] The popularity of Labubus has been attributed to this effect, which argues that during economic downturns people find comfort in affordable luxuries like its namesake beauty product.
ANSWER: lipstick effect
<Social Science - Economics, Jamie Burchett> | VAULT II Packet 11
| Heard | PPB | E % | M % | H % |
|---|---|---|---|---|
| 22 | 19.55 | 96% | 68% | 32% |
Conversion
| Team | Opponent | Part 1 | Part 2 | Part 3 | Total | Parts |
|---|---|---|---|---|---|---|
| Belmont A | Waltham A | 10 | 10 | 0 | 20 | ME |
| Lexington A | Belmont B | 10 | 10 | 0 | 20 | ME |
| Lexington B | Waltham B | 0 | 10 | 10 | 20 | EH |
| Mansfield B | Mansfield A | 0 | 10 | 0 | 10 | E |
Summary
| Tournament | Edition | Match | Heard | PPB | E % | M % | H % |
|---|---|---|---|---|---|---|---|
| VAULT II at Georgia Tech | 2026-01-24 | ✓ | 6 | 20.00 | 100% | 67% | 33% |
| VAULT II at UCSB | 2026-03-13 | ✓ | 4 | 17.50 | 100% | 50% | 25% |
| VAULT II at Harvard | 2026-04-30 | ✓ | 4 | 17.50 | 100% | 50% | 25% |
| VAULT II Stanford Online | 2026-07-17 | ✓ | 8 | 21.25 | 88% | 88% | 38% |