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Entrepreneurship in Microeconomics - Essay Example

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The author of the following paper "Entrepreneurship in Microeconomics" tells about his\her observation of an old woman who was accompanied by her son on a market stand. This was aged around thirty-five years and the son was aged 15 years…
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Extract of sample "Entrepreneurship in Microeconomics"

The mother showed concern with the tomatoes. She, therefore, inquired about the price of the item (Boyes and Melvin, 2002).The price that the seller quoted sounded higher than the expectation of the woman. She started touching the tomatoes and depicting that they were of low quality and therefore the price was exaggerated. She, therefore, returned the tomatoes back into the pile that they were initially.An inference about her priorities is as follows. First, she wanted big-sized tomatoes so that she can agree with the price of the tomatoes.

In addition, she might have considered the quality of those tomatoes as being poor. In her own view, she expected the tomatoes to be super ripe, for instance, the color of the item was not satisfactory (Boyes and Melvin, 2002).My inference about the motives of the woman is as follows. Since she decided to buy the other types of fruits, she just did not accept the high price that the vendor had quoted (Perloff, 2009). This is justified by the fact that she opted to buy the lemons without even questioning anything about them.

The price of lemons was almost half the price of the tomatoes. Also, she must have opted to buy other things because they attracted her. The lemons were attractive of course (Perloff, 2009).

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