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1 Microeconomics of Airline Ticket Pricing and Price Discrimination

Last-Minute Airline Ticket Prices: A Microeconomic Perspective on Opportunity Cost and Buyer Behavior Why do airline ticket prices skyrocket when you purchase them at the last minute when most other operations and retailers do the opposite? They sell them at a discounted price to get rid of the leftover tickets. Using what we have learned […]

3 Inflation and Consumer Behavior: Macroeconomic Insights

Macroeconomic Aspects of Inflation and Deflation In today’s times, the economy needs to react according to the trends set by consumers and society. This fluctuation is called inflation and deflation. Inflation in itself is defined as the “continual rise in the price level” of goods (Colander, 2013). When items such as food, clothing, housing, etc., […]

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4 Exploring Economic Principles: The Macroeconomic Insights of “I, Pencil”

The Pencil and Macroeconomics: In macroeconomics, we watched a documentary. The documentary is about a pencil. The pencil is your best friend that we can use to write and to draw. The graphite with the pencil lightly writes on the paper. The eraser with the pencil easily erases the marks on the paper. The pencil […]

5 Exploring Macroeconomics: Understanding Economic Systems and Implications

Introduction: An economy is a large set of interrelated activities of production, consumption, and exchange that help determine how limited resources are distributed. The production, consumption, and distribution of goods and services are used to meet the needs of those who live and work within the economy, also known as the economic system. Understanding Economics […]

6 Understanding Macroeconomics and its Impact

Introduction to Macroeconomics When the price of a product you buy, like milk or gas, goes up, it affects you. But have you ever wondered why the price goes up? Is the demand greater than the supply? Or does the cost go up because of the materials that are needed to make that product? To […]