We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Microeconomic of my own life - Essay Example

Comments (0) Cite this document
Summary
Name: Title: Course: Tutor: Date: Microeconomics of My Own Life Joining boarding school for me was a difficult undertaking as I could not imagine that I would be away from home for a long period of time. Among the things I remember being concerned about missing included home food where I got to choose what to eat at what time, the freedom to watch TV and movies and finally, playing with my pet…
Download full paperFile format: .doc, available for editing
Polish This Essay98.2% of users find it useful
Microeconomic of my own life
Read TextPreview

Extract of sample
"Microeconomic of my own life"

Download file to see previous pages Having learnt various principles and theories in microeconomics, the objective of this paper is to relate my life experiences to some of these microeconomic aspects. Microeconomics has made me appreciate choice as a comparison of alternatives. The forgone opportunities for the next benefit alternatives would be referred to as opportunity cost as noted by Boyes and Melvin (23). Opportunity costs refer to the highly valued alternatives which have to be forgone when making a choice. Thus, in my case, the freedom to watch movies, eat the food of my choice and play with my pet would be considered as the opportunity cost as I had to forgo this for the sake of enrolling in a boarding school. The next benefit alternative would thus be joining a boarding school which was meant to make me excel academically. Despite the academic benefit that I was to realize by being in a boarding school, I found other benefits that I would not have found had I remained in my previous learning institution. My father worked in a pen manufacturing firm and hence gave me the best ball-pens to use for my writing. I made many friends in school because of these pens as many students would borrow my pens. At first, I was generous enough to give them out. Within a short period of time, students would demand to know where the pens were sourced from. Actually, the pens were available in the stores but at a high cost and thus stocked less. Remember, Boyes and Melvin (23) observe that costly goods do not elicit the urge to buy from consumers. A majority of pen users would prefer the less costly pen varieties as long as these pens served the intended purpose, quality aside. Since my father supplied these pens to me free of charge and in unlimited quantities, I started selling them to those students who demanded for it at a slightly lower cost than they fetched in the retail stores. The attractive qualities of the pens including swift gliding while writing and availability in diverse colors made the pens popular. Word went round the school on the attributes of the pen which made the demand increase. Students drawn from various classes would look for me to supply them with these pens. Realizing the increased demand for the pens, I raised the selling price for each pen. This trend follows the microeconomic law of supply which according to Boyes and Melvin (52) dictates an increase in supply with increase in the prices of specific goods or services and a decrease in supply with a fall in price. Assuming the role of a supplier, as the students were willing to spend more to have the pens, I kept increasing the cost. Since I could not wholly satisfy the demand for these pens, I could not determine the effect of price increase on demand which according to the law of demand dictates that with such price increases, there tends to be a decrease in demand. But the trend did not last for long as I had to be careful neither to sell the pens at the cost in the stores nor to sell them at a cost deemed exorbitant to the students. It reached a point where I could clearly see the impact of price increment on the demand for the pens from the students. As if abiding by the law of demand, the students gradually reduced their demand until I had a number of students whose demand for the pens I could satisfy at the indicated cost. In essence, this was the equilibrium according to ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Microeconomic of my own life Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Microeconomic of my own life Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/macro-microeconomics/1477572-microeconomic-of-my-own-life
(Microeconomic of My Own Life Essay Example | Topics and Well Written Essays - 1000 Words)
Microeconomic of My Own Life Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/macro-microeconomics/1477572-microeconomic-of-my-own-life.
“Microeconomic of My Own Life Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/macro-microeconomics/1477572-microeconomic-of-my-own-life.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Personal Development
It is a bit early in the planning stage of career development to determine a specific organization where my goal can be realized, however a great deal of research needs to be conducted on local and national recruitment looking for qualified nurses. I intend to carry out a variety of research on statistics in certain regions to determine which part of the country can best serve my career goals.
5 Pages(1250 words)Essay
Owning My Own
Social responsibility in the business ensures that the business not only contributes economically but also improves the quality of living of stakeholders and society (Werther and Chandler, 2010). The integration of social responsibility in business ensures that a company takes responsibility of its actions.
3 Pages(750 words)Assignment
Microeconomic Phenomenon In Daily Life
The objective of this research is to illustrate natural micro-economic phenomenon on practical settings. It is evident that micro-economic models can be employed in analyzing different situations in actual economic problems. Egyptian case reflected the manner in which micro-economic elements o inflation and currency exchange rate influence different aspects in a nation’s economic system.
4 Pages(1000 words)Term Paper
Macroeconomics of my own life
Focus would be on demand, supply and market equilibrium, aggregate supply, the financial panic of 2008, gross domestic product, economic growth and unemployment. The gas industry is one of the key industries globally as it provides the energy source necessary for carrying out activities in the other sectors of the economy.
4 Pages(1000 words)Essay
My own religious Autobiography
It’s only reasonable for thinking human beings not to blindly follow a superstitious notion. Those that align themselves to religion claim to have knowledge of spiritual things when they, of course, do not. The spirit world, by definition, is that which is
3 Pages(750 words)Essay
Creating my own religion
d or gods.’ Millions of years ago, a number of religions came into existence and people all around the world attached themselves to whichever religion they felt was acceptable to them and brought them peace and harmony in their lives. Christianity, Judaism, Hinduism, Buddhism
6 Pages(1500 words)Essay
The spanish company ZARA, is an example of globalization;how and why
Many brands have got significant place in customers’ mind since they were able to find and utilize global marketing opportunities for the realization of their business potential. A customer, no matter he is Europe or Asia or Africa, would be familiar
7 Pages(1750 words)Essay
My own goal of the life
I would like to carry this out for eight weeks consecutively, monitor the changes and record any improvements or adjustments that need to be made in my working out routine. For two days within the
2 Pages(500 words)Essay
What Intergenerational Communicationand Aging means for my own life, now, and in the future
helpful and serene) and severely impaired (i.e. despondent and physically and emotionally incompetent) stereotypes. I have developed this mindset because of media and social portrayals of the elderly and aging as the worst stage of human life.
6 Pages(1500 words)Essay
Let us find you another Essay on topic Microeconomic of my own life for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us