Economics 3 Essay, Research Paper
A Price to Pay
“The Fatal Equilibrium” by Marshall Jevons describes a story of murder and betrayal within the Harvard University faculty. The novel also explains the economic ways of thinking that people apply for decision making in their lives. Economics is in ways like the air. It surrounds us in every way no matter where we live, work or play. Economics play a great role in our lives whether or not we want it to be. Economics is not just dollar and cents, it’s the way people interact with one another for goods and services. The characters in “The Fatal Equilibrium” all exemplify a way of economic thinking in their daily decision making.
The main character in the novel, Henry Spearman, an economic professor at Harvard, heavily uses his economic sense to observe and act out his decisions. For example, early in the novel Professor Spearman uses economics to decide whether or not he should interrupt his work to have a talk with one of his colleague. He calculated that the opportunity cost would be losing time with his committee work. To make up for his committee work time he would have to lose lecture time which would finally result in losing income. Spearman doesn’t just recognizes economics in his work but also during his leisure time. The professor provided us with an insight on consumer surplus during a browse at a local mall. Spearmen notices that the store uses a moving discount meaning that an item will be discounted every week until it has been sold. His thought was that if a customer waited until the price was attractive, they risk losing the item. If they bought it too early they could lose they savings that they could of had.
Dennis Gossen, the economist waiting to be promoted by the committee, supported the idea of variety among the same items. He supported the idea that variety
will help bring out competition resulting in lower consumer prices. His belief is competition is the reason why our world is always improving, why we are now able to go further in society, why we are able to live the lifestyle that we do. Sophie Ustinov, a chemist, may seem like an anti-economic person in the novel but she too is involved in economics. Disapproving of the economist’s ideas, Ustinov complains of the different brands of the same product in grocery stores. She chooses the cheapest brand with the exception of dog food. With dog food she carefully selects the most exotic flavor. But aren’t all dog food the same too? She may not know it but she is involved in economics by choosing the fanciest dog food. Ustinov tries to maximizes her utility by shopping at midnight. With less customers she can shop quickly and without the hassle of long checkout lines. She doesn’t want to spend any more time shopping when she could use that time for something more productive. The opportunity cost to shopping at the late hours with the lost of sleeptime.
Other characters in the novel were also involved in everyday economics. The members of the committee who voted to reject Gossen didn’t know about the severe cost when they turned him down. They were thinking about how they could maximize their utility by voting for Gossen. If Grossen was promoted, it would not benefit them in a significant way. They didn’t know that the price of rejected Grossen was losing their own lives. If they knew about the opportunity cost of turning down Gossen they would have change their decisions because the price of their lives outweighed all others.
The characters in the “The Fatal Equilibrium” all serve as an example of how people use economics as a way of life. As to the saying “economics is the study of how economists behave”, I believe that economic will always stand in our decision making life. The characters in the “The Fatal Equilibrium” supports this idea of economic being an everyday way of life.
Другие работы по теме:
Avarice In America Essay Research Paper Avarice
Avarice In America Essay, Research Paper Avarice In America When the topic of American economics arises, the infamous Robber Barons of the 19th Century often springs to mind. They are often glorified as “Captains of Industry” for their money making strategies and enterprising methods. Those who hold this view probably do not know the evils of the laissez-faire capitalism in which the Robber Barons believed and participated.
Health Care Economics Essay Research Paper People
Health Care Economics Essay, Research Paper People place various levels of price on their lives and the lives of their loved ones. People take drastic measures in an attempt to increase and improve one’s life. Unfortunately, money and economics have a great influence on the value of life. As presented in the text, the Jones-Lee Approach, the relationship between wages and risk, and the study with the smoke detectors, all show that even with health, as with material consumer products, people will purchase more when the price is cheaper.
BioTechnology Essay Research Paper The shortterm future
Bio-Technology Essay, Research Paper The short-term future of biotechnology in production agriculture looks bleak. The unattractive truth is that economics, not science can play a larger role in the future of biotechnology.
Terms And Conditions Essay Research Paper TERMS
Terms And Conditions Essay, Research Paper TERMS AND CONDITIONS The conditions for the design price quote are as follows: 1) This quote is for the above stated AppleWax Music, Inc. proposal only. Any changes will require a new proposal and price quote.
Economics Essay Research Paper It is pretty
Economics Essay, Research Paper It is pretty common that Universities use a system of seniority rather than an auction for getting parking spots at campus. An auction system will give parking spots to those who value them the most; however, this system actually create an inefficient outcome.
Same Thing Different Price Essay Research Paper
Same Thing, Different Price What can I say about college life? It is one of those times where you will spend the most money you will ever spend in your life. It becomes even more expensive when you have to pay out of state fees. Out of state students should not have to pay for these fees. Simply because the students are paying for the same classes that the in state students are paying for.
Econpric Essay Research Paper Economics Essay
Econpric Essay, Research Paper Economics Essay> Q. Why do prices of some goods fluctuate more than others?A. It is a well known fact, that various prices of goodsfluctuate at various levels. The products which fluctuate most inprice are often held to be necessities, but what is that makesthese changes, and which factors influence them.
Economics Of Sex Essay Research Paper This
Economics Of Sex Essay, Research Paper This mini-paper is to study how people of different moral standard choose their one-night-stand partners. At a late stage of this paper, I will state the limitations of this theory.
Anaylsis Paper Essay Research Paper Analysis Paper
Anaylsis Paper Essay, Research Paper Analysis Paper 1 The EIA predicted Midwestern Illinois families to be spending as much as 40% more on heating this year compared to last year because of higher natural gas prices. The increase in price is largely due to the reduction of natural gas supplied.
Rent Essay Research Paper 1
Rent Essay, Research Paper 1. I spent my freshman year of college at Boston University. I lived in one of the dormitories the first semester. However, for the second semester two of my friends and I decided to live in an apartment. We began searching for an apartment near the campus and discovered many realities of apartment hunting.
Price Of Glory Essay Research Paper A
Price Of Glory Essay, Research Paper *A new movie called “The Price of Glory” is opening Friday, March *31,2000 all over. However, this movie will only be out for two weeks, if the
Up My Ghan Essay Research Paper protection
Up My Ghan Essay, Research Paper protection because the total revenue did not exceed the variable costs that was incurred in the barial of people that wish to be baried in their cementary. Article #1 Date: November 2, 1999
Nine West Caught Engaging In Price Fixing
Essay, Research Paper Nine West Caught Engaging in Price Fixing Nine West, a large supplier of women’s shoes, was accused of price fixing, among retailers, of various Nine West brands. On March 6th, 2000 Nine West agreed to pay $34 million; all of the money collected will be used to fund various women’s health programs.
America Online Essay Research Paper America Online
America Online Essay, Research Paper America Online To Unveil Flat Fee For Internet Access The Internet is becoming more popular and more widely used, and the Market for internet access is growing rapidly. To stay
Being A Smart Consumers Essay Research Paper
Being a Smart Consumers Ryan Romme When deciding to buy a computer it is a very important decision. First decide that range of money you are willing to spend. Then research the many different companies and the product they have to offer. Then after deciding the company to purchase the computer the next step is to price watch.
Calculus Essay Research Paper Calculus
Calculus Essay, Research Paper Calculus “One of the greatest contributions to modern mathematics, science, and engineering was the invention of calculus near the end of the 17th century,”
Economics Scarcity Choice Essay Research Paper Economics
Economics, Scarcity, Choice Essay, Research Paper Economics, Scarcity, and Choice Economics: is the study of choice under conditions of scarcity Scarcity: a situation in which the amount of something available is insufficient to satisfy the desire for it.
The Philosophes Essay Research Paper The PhilosophesThe
The Philosophes Essay, Research Paper The Philosophes The Age of Enlightenment was the result of the actions that had taken place by intellectuals who gave new thought to the ideas of politics, economics, religion, and the
The Bride Price Essay Research Paper The
The Bride Price Essay, Research Paper The Bride Price This book was a story about a Nigerian family and the tradition of the bride price. Part of the story takes place in Lagos where Aku-nna, the protagonist, grew up. After her father dies she is forced to move to Ibuza to live with her father’s brother in a whole different culture from her own.
There Is A Price To Be Paid
Essay, Research Paper There is a Price to be Paid As the clich? goes, the best things in life are free. However, most people would debate the merit of this old saying. Whether you are buying yourself a suitable lifestyle or considering matters of the heart, a price just may be paid even if the payment isn?t a dollar amount.
Paul A Samuelson Essay Research Paper Paul
Paul A. Samuelson Essay, Research Paper Paul A. Samuelson Paul Samuelson was born in Gary, Indiana in 1915. He was not the best of students; in fact, he made no impact at all until he got to college. Although he was an underachiever in high school, Samuelson became one of the greatest economists of the twentieth century.
Econ3of6 Essay Research Paper Economics
Econ3of6 Essay, Research Paper Economics – Traffic Congestion city problems traffic street transportation Gondomar and Bayona National Income1.Traffic Conjestion If a city council faces severe problems with trafficcongestion, a knowledge will benefit all parties. It is this I willdebate in the lines to come.
What Is Economics Essay Research Paper Many
What Is Economics? Essay, Research Paper Many people think that economics is about money. Well, to some extent this true. Economics has a lot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy.
What Price Freedom Essay Research Paper How
What Price Freedom Essay, Research Paper How hard would you fight to defend something you believed in? Hundreds, thousands, probably million of lives were lost fighting for what they believed in; fighting to defend America. Why, are you thinking? What could have been so important that these men felt they had to fight until the end? Would you believe that those men fought for you, me and the rest of the population.
What Price Freedom Essay Research Paper No
What Price Freedom? Essay, Research Paper No country allows as much personal freedoms like the United States of America. The Supreme Court has passed laws which allow more freedom of expression than ever before. By hearing this, you may think that everyone is happy in the U.S. Well, a lot are, but to gain these freedoms, there was once a price to pay.
Buddhist Economics Essay Research Paper Buddhist EconomicsMost
Buddhist Economics Essay, Research Paper Buddhist Economics Most people think that religion and economics don?t mix. So you would think the same in the case with Buddhism and economics. But actually the there is a set of rules that go along with our modern day economics that have their own meanings. Buddhists believe that spiritual health and well being go hand in hand.
Impact Of Economics And Science During The
19Th Century Essay, Research Paper Steve Dohl 3/13/01 Pre IB His/Geo The impact of Economics and Science during the 19th Century In the period from c. 1850-1914 economics and science were changing the world and lifestyles. Adam Smith introduced the idea of capitalism and gave the idea that mercantilism is bad (‘lessie faire’).
Economic Report Essay Research Paper Demand In
Economic Report Essay, Research Paper Demand In economics, we need to use terms a little more carefully than they are sometimes used in ordinary discussions. In general use, “Demand” is a word that can have more than one meaning, but in microeconomics we define it more carefully so that it has only one meaning.