Econ 312 Quiz 1
Economics (Week 1)
Opportunity Cost
My significant other and I recently made a decision for me to quit my job and go back to school. Our decision was based on my unhappiness at work; however, we also started looking at the long-term financial security aspect of it. The alternatives considered were to pursue a health related job where I would be happier or, go back to school to acquire a nursing degree. We came to our final decision based on my dream of wanting to be a nurse. The future long-term marginal benefit, both financially and personal gratification far more exceeded the short-term marginal cost.
Economic Systems
The motivation of the producers to make and offer the products in stores and restaurants is based on area demographics and human consumption. I would personally study the demographics and customer needs; e.g. of Hispanics, African Americans, Asian, etc. to be able to supply to their specific needs. I believe demographics are vital to fulfilling customer needs, satisfaction and a greater economic return for the retailer.
Week 2
Demand, Supply and Market Equilibrium
About a month ago I purchased a HP printer since my son knocked down my last printer accidently. I tried to get it replaced since it was under warrantee but they didn’t make my old model anymore. My printer was only 8 months old and I really liked it but unfortunalty I was forced to upgrade to higher quality printer since the cheaper models were old out. I had to pay a price difference of $59.00 out of pocket when its original price was $159.00.
I am assuming that the reason the cheaper quality printers sold out is because they economically make more sense to purchase especially for college students.
My new printer prints higher quality images but the down size to this attribute is that the printing ink is more expensive than the cheaper printer models printing ink. This actually causes me to spend more money, which doesn’t benefit me since I don’t need
Opportunity Cost
My significant other and I recently made a decision for me to quit my job and go back to school. Our decision was based on my unhappiness at work; however, we also started looking at the long-term financial security aspect of it. The alternatives considered were to pursue a health related job where I would be happier or, go back to school to acquire a nursing degree. We came to our final decision based on my dream of wanting to be a nurse. The future long-term marginal benefit, both financially and personal gratification far more exceeded the short-term marginal cost.
Economic Systems
The motivation of the producers to make and offer the products in stores and restaurants is based on area demographics and human consumption. I would personally study the demographics and customer needs; e.g. of Hispanics, African Americans, Asian, etc. to be able to supply to their specific needs. I believe demographics are vital to fulfilling customer needs, satisfaction and a greater economic return for the retailer.
Week 2
Demand, Supply and Market Equilibrium
About a month ago I purchased a HP printer since my son knocked down my last printer accidently. I tried to get it replaced since it was under warrantee but they didn’t make my old model anymore. My printer was only 8 months old and I really liked it but unfortunalty I was forced to upgrade to higher quality printer since the cheaper models were old out. I had to pay a price difference of $59.00 out of pocket when its original price was $159.00.
I am assuming that the reason the cheaper quality printers sold out is because they economically make more sense to purchase especially for college students.
My new printer prints higher quality images but the down size to this attribute is that the printing ink is more expensive than the cheaper printer models printing ink. This actually causes me to spend more money, which doesn’t benefit me since I don’t need