How you helped another person and realized that you benefited as well Essay

How you helped another person and realized that you benefited as well - Essay Example Martha was sitting on a chair, wearing a new track suite and her sports shoes, her hair neatly collected with a matching blue ribbon, seeming a bit reluctant and hesitant. I signaled Martha to join me and she followed me like a cat being taken for a bath. We walked our way to the nearby public park. I told Martha that we will have a swift walk for the next 30 minutes. Both of us started with a slow and steady pace and Martha seemed to be doing fine, until I fastened my pace. I soon realized that Martha was way behind me and though she tried hard to catch up with me, she seemed to be tired and fatigued. Somehow we finished our 30 minute walk, followed by some stretching exercises. We continued with this routine for the next 3 days, until that fateful Monday came. As usual, when I entered the Butler household that morning, I saw a distressed Mrs. Butler, trying to console a weeping and sobbing Martha. I was a bit confused and perplexed. Mrs. Butler told me that somehow Martha was not willing to join me for her daily walk. She said she was feeling unwell, and excused me. I came back home, felling a bit bad. I talked about the issue with my mother. When I told her about our experiences in the past 3 days, she listened to me with an understanding smile. She told me that I simply cannot help Martha until I learn to see things from her perspective. She told me that Martha was badly overweight and was not used to an active way of life, not to mention the health problems she faced. For a fit person like me, a 30 minute walk and some exercise may be a piece of cake, but, for Martha it was a big challenge. To help Martha, I need to get into her shoes and think like her. The next morning I went to collect Martha. She was looking at me apprehensively. I greeted her with a big smile and pat her shoulders. We went to the park and I told her that today there will be no exercises. Instead we will just walk around, enjoying that beautiful morning. I

Basic economics Assignment microeconomics Essay

Basic economics Assignment microeconomics - Essay Example a. Price Elasticity of Demand 9 4. b. Short-Run and Long-Run Price Elasticity 12 4. c. Price Elasticity of Demand for a Particular Brand 13 4. d. If Price Elasticity of Demand for Cigarettes Is Inelastic 13 References 14 Bibliography 15 1. a. Impact on ‘Law of Demand’ when there is no Scarcity of Resources According to a theory of ‘Law of demand’, an inverse relationship exists between quantity demanded by customers and price of products and/or services. If there is no scarcity of resources in a given market, the price of a commodity may fall rapidly which in turn will provide rise to demand of the commodity. As stated in the theory, a decrease in price of a commodity increases its demand in market. Moreover, in economic perspective, human nature is termed to be always demanding which depicts that demand of commodity will continue to rise and thereby affecting its price at large. Therefore, it can be stated that whether there is a scarcity of resources or no t, the ‘Law of Demand’ will still exist (Baumol & Blinder, 2009). Consequently, price rationing can also be observed in this case due to a fact that demands of human-beings are termed to be never-ending or unlimited. However, on the contrary, resources of goods are limited. Thus, price rationing will be strongly evident (Maddala, 2004). Conclusively, from an economic point of view, it can be stated that resources will be efficiently used when there is no scarcity. ... efects of a Market System In the study of microeconomics, three fundamental problems faced by any society are: What goods and/or services can be produced in a given society and what will be an appropriate quantity of production? How to produce the required goods and/or services? The produced goods and/or services will be targeted to which market segment or customers? (Gabay & Et. Al., 2007). On the similar context, price mechanism is referred to as determining prices of goods and/or services with the influence of various forces of demand and supply in a given society. The theory assumes to have no interference in terms of external factors to the society. According to a theory of economics, producers always tend to produce those commodities which can be sold in market at a high price and apply those production techniques which are cost-efficient in order to maximise their profits. Similarly, customers tend to favour products which are less costly and thus it determines the price of th e commodity in a given market. Thus, price mechanism states an interdependent relationship between self-interests of producers and buyers. In other words, actions of producers are regulated by actions of consumers and vice-versa. This efficiently determines quantity of production and price of a commodity, solving the three fundamental problems of a society (Jain & Khanna, 2007). However, there are a few defects that exist in a market which provides rise to various limitations of price mechanism theory. They can be identified as, market competencies, inefficient or wasteful productions, external influences, indolence of commodities, uneven circulation of income and others (Jain & Khanna, 2007). 2. a. Reasoning The aspect of ‘opportunity cost’ can be well identified in this case. It is