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Macro and Microeconomic Evaluation - Essay Example

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This essay stresses that businesses usually use certain economic incentives to encourage customers to come and make a deal with them. By offering incentives, an individual’s consumption pattern is altered, and the change is based on the type of incentive offered. …
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Macro and Microeconomic Evaluation
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"Macro and Microeconomic Evaluation"

Download file to see previous pages According to the paper the deal is a positive economic incentive since to bring about positive behavior to me because it rewards people financially for making certain choices and behaving in a particular way. On March 2013, the prices of hamburger among other fast food products augmented due to increase in the price and tight supply of beef. The change in price affected the demand for hamburger, its substitute and complementary products. With $10, a consumer purchased four ground beef hamburger, which was enough for a family with two children. In retrospect, the increase in the price of beef made the family with $10 only to afford two hamburgers. The effect was experienced in almost all households, which leads to a decline in quantity demanded since the income does not change correspondingly and in response to the price increase.
This paper highlights that the price change caused a disincentive to purchase a hamburger and people, including me shifted from hamburgers to a chub ground turkey. Despite my preference to the hamburger, the price change, without a corresponding change to income made me purchase fewer hamburgers. In this perspective, the quantity of hamburger that I demand for the month decreased. It means my consumption pattern changed from consuming 15 hamburgers per month to relatively ten hamburgers. I could not take this for long, so I had to abandon the desire for a hamburger and shift to cheap ground turkey. The behavior for consuming ground turkey changed from zero to 17-ground turkey per month. ...Download file to see next pagesRead More
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