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 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 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 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.
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