Gobble-Gobble: Choosing the Perfect Turkey
In preparation for this year’s celebratory feast of gratitude, the first thing on the “King Checklist” was the turkey—a decision that required a meticulous cost-benefit analysis.
Basically, it came down to two choices of meats. The first—a cheaper turkey my family has bought for the past five consecutive holidays—seemed the favorite. Because of the lower price, monetary value could be allocated elsewhere, like towards scrumptious pumpkin pie. However, the second option—an expensive, pre-ordered turkey—still held weight. As my father always says, “Quality holds its own benefit”. Price aside, the latter bird offered a much higher utility.
Utilizing the power of economics, my family decided to go with the organic turkey because of the greater satisfaction it presented. The deliberative process was rough, but the ultimate decision proved deliciously worthwhile!
The Law of Cheese and Crackers
After watching the Macy’s Day Parade, it is customary for my family to nibble on a small snack before the big dinner. This quick food has varied over the span of many Thanksgivings. It just so happens that this year’s appetizer was heavily influenced by the law of demand.
In the search for a delectable snack, my mother came across the bargain section. Naturally, price reductions were galore. Locating a cheese and crackers package on sale, my mother swiftly bought five of them. Her action is in accordance with the aforementioned law, showing that a decrease in price leads to an increase in overall demand.
The copious amount of dairy products still left over is a testament to fiscal theory.
Ocean Spray Cranberry Sauce? I Think Not.
It happens annually. Every Turkey Day, one way or another, a catastrophe occurs. This year’s abominable conflagration turned out to be the overlooked purchase of cranberry sauce. But have no fear. I was assigned the task of solving this conflict.
Packing a recently-baked roll into my mouth, I grabbed my keys and drove to the nearest open supermarket. Intent on my objective, I hastily found my way to the correct food aisle. Planning on taking an Ocean Spray brand can, I grabbed one and started heading towards the nearby checkout line. Yet, during that quick time lapse, I discern a glimpse of the price—a 30% increase than what it normally is!
Contemplating the situation, elasticity comes to mind. Due to the fact that multiple substitutes exist, I decided to not buy the Ocean Spray product. Being an elastic good, I decide to purchase a much more comfortably priced brand of cranberry sauce. The high elasticity made it easy for me not to conform to such a drastic price change.
That’s one more thing to be thankful for: cranberry sauce is not inelastic!
Stuffed of Stuffing
For me, the highlight of the Thanksgiving dinner is the stuffing, my mother’s personal specialty. The other cuisine is certainly nice, but it’s the stuffing that drives my love for the holiday. As such, I eat multiple servings.
My feasting starts off in complete jubilance. With each bite, I feel more and more satisfied. There seems to be no end to the joy I receive from gobbling down an abundance of buttery goodness. But of course, the inevitable law of diminishing marginal utility eventually surfaces. There comes a point of eating where the more I eat, the less satiated I feel. When the stuffing becomes painful to down, I know it’s time to step back and let my stomach convalesce.
Like any product in the economic world, increased intake of stuffing inexorably becomes burdensome and ineffective. Therefore, it is very beneficial to know one’s limits. Especially when it comes to food!
Black Friday Shopping
The day after Thanksgiving, I headed to Wal-Mart to get a head start on Christmas shopping for my two sisters. The alluring thought of Black Friday deals lessening damage to my wallet brought me in speedy time.
The problem was, however, what I should buy for them. For the longest time, I have not had a clue what the female sector of the population enjoys receiving as gifts. From past experience, clothes and jewelry seem to do the trick (I think). And so, knowing I could care less about which amount of each good I bought, I plotted an indifference curve. Factoring in my scant budget line, I was able to deduce my optimal consumption bundle for clothes and jewelry for my sisters using that graph.
Even with taxation, I ensured I got a great deal on the busiest shopping day of the winter season because of the dropped prices. Mastery of indifference curves really does come in handy!
