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W22 ECON DOO2 Prin Microeconomics 02Z Singh 005…
Description
THIS ASSIGNMENT DESCRIBES YOUR OWN
EXPERIENCE/OBSERVATION FROM REAL LIFE
THAT IS BASED ON AN ECONOMIC CONCEPT
COVERED IN CLASS: (500-800 words) (IF
MORE THAN 1000 WORDS, YOU SHOULD
HAVE A REALLY GOOD STORY)
FILE UPLOAD MUST HAVE YOUR FULL
NAME: E.G. RAVJEETSINGH.pdf OR
RAVJEETSINGH.docx
MOST IMPORTANT: THE FOLLOWING
EXAMPLES ARE FOR GUIDANCE ONLY. YOU
CANNOT USE THE SAME EXAMPLES BUT
SIMILAR EXAMPLES FOR THE FOLLOWING
CONCEPTS ARE OK. ONLY 1
STORY/EXAMPLE IS REQUIRED. IF YOU
HAVE MORE THAN 1 STORY TO SHARE, YOU
CAN PUT THEM ALL THERE AND I CAN LET
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W22 ECON DOO2 Prin Microeconomics 02Z Singh 005…
DIMINISHING MARGINAL UTILITY:
DIAMOND PENDANT STORY.
SUNK COST: class examples about walking
out/staying in to watch a boring movie for
which you paid $10
STORY ABOUT A PERSONAL RELATIONSHIP
OF BEING IN A RELATIONSHIP OR MOVING ON
TREATING THE TIME ALREADY SPENT AS
SUNK COST.
COMBINATION OF DIFFERENT CONCEPTS
IN 1 STORY: E.g. : 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
traint. The short time horizon made the
price inelastic. I was also frustrated about lack
of competition in Airlines industry.
ATTUA DAINT. MAVDinarenFonCTINIC
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W22 ECON DOO2 Prin Microeconomics 02Z Singh 005…
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.
AT THIS POINT: MY BIGGEST REGRET IN LIFE:
(
LEAST PREFERRED STORIES About how you
go to the market and you find that any good is
on sale and you buy more of it.
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.
PROVIDE A BRIEF CONCLUSION ABOUT
YOUR STORY
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W22 ECON DOO2 Prin Microeconomics 027 Singh 005…
SIUNTCAAIVLC IS REQUIRED. IN TUU
HAVE MORE THAN 1 STORY TO SHARE, YOU
CAN PUT THEM ALL THERE AND I CAN LET
YOU KNOW WHICH ONE YOU SHOULD
EXPAND
EXAMPLES: Use only 1 of the following
concepts in your story. You can try to
combine a few concepts in 1 story but not
write multiple stories involving different
concepts.
OPPORTUNITY COST: WHAT IS THE
OPPORTUNITY COST OF any activity? (YOU
CANNOT USE THE EXAMPLE OF
OPPORTUNITY COST OF TAKING THE
COURSE)
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 MARGINALUTILITY:
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