10 Jul please write an experience which related to the Microeconomics terms
Question Description
PLEASE WRITE AN EASSY ABOUT YOUR OWN EXPERIENCE/OBSERVATION FROM REAL LIFE THAT IS BASED ON ECONOMIC CONCEPTS FOLLOWING:
OPPORTUNITY COST:WHAT IS THE OPPORTUNITY COST OF any activity?
ELASTICITY AND TIME HORIZON: buying an expensive air ticket in an emergency situation compared to a longer period to plan a trip and more flexibility /response to price changes.
DIMINISHING MARGINAL UTILITY
SUNK COST
ETC….
MOST LIKELY STORY (WHICH IS PERFECTLY FINE) IS where you compare the additional (marginal) cost versus the marginal benefit and then make a decision as to whether it is worthwhile doing that activity or not.
COMBINATION OF DIFFERENT CONCEPTS IN 1 STORY: E.g. I mentioned in class today (wed, May 22) how my Willingness to pay for the BTS concert in NY City was high.I was prepared to pay $400 (MC). However combined with the expensive Airline ticket ($900), I had to consider my budget constraint. The short time horizon made the price inelastic. I was also frustrated about lack of competition in Airlines industry.
PROVIDE A BRIEF CONCLUSION ABOUT THE STORY
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