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Micro Economics Question

Your task is to write a minimum 650-word essay, in which you apply economic concepts to your own life/family/experiences. (Do NOT submit a research paper for this assignment. Do not submit examples from the fake life of an artificially intelligent “being”.) Your essay should include at least three different concepts/topics related to our class and us economic thinking.


Opportunity costs:
I decided to go to a community college (SMC) over a university (CSUN)
Vacation and my work at psycho bunny (men’s retail store)
Supply and demand:
Covid-19 pandemic:
demand of certain goods went up (toilet paper, hand sanitizer)
grew habits of buying in bulk (Costco)
Marginal Utility: The Value of Additional Consumption:
Smaller scale- I love coffee and buy a cup every morning, but buying a second cup in the afternoon provides less satisfaction than the first because the marginal utility decreases (limits to one coffee per day)
Larger scale- my car was up for lease and i had to decide between a basic model and a more expensive one with additional features. While the higher-end model has extra comforts, I concluded that the basic model met my needs, saving me money that I could use for other priorities, such as education, savings, and investing.
Use this information and smoothly apply the economic concepts provided to these little aspects of my life. Make sure you have…

An intro paragraph
3 body paragraphs (each explaining one concept)
A concluding paragraph
All should be a minimum of 650 words – maximum 850 words

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