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Word Count: 677
A Price to Pay The Fatal Equilibrium by Marshall Jevons describes a story of murder and betrayal within the Harvard University faculty The novel also explains the economic ways of thinking that people apply for decision making in their lives Economics is in ways like the air It surrounds us in every way no matter where we live work or play Economics play a great role in our lives whether or not we want it to be Economics is not just dollar and cents its the way people interact with one another for goods and services The characters in The Fatal Equilibrium all exemplify a way of economic thinking in their daily decision making The main character in the novel Henry Spearman an economic professor at Harvard heavily uses his economic sense to observe and act out his decisions For example early in the novel Professor Spearman uses economics to decide whether or not he should interrupt his work to have a talk with one of his colleague He calculated that the opportunity cost would be losing time with his committee work To make up for his committee work time he would have to lose lecture time which would finally result in losing income Spearman doesnt just recognizes economics in his work but also during his leisure time The professor provided us with an insight on consumer surplus during a browse at a local mall Spearmen notices that the store uses a moving discount meaning that an item will be discounted every week until it has been sold His thought was that if a customer waited until the price was attractive they risk losing the item If they bought it too early they could lose they savings that they could of had Dennis Gossen the economist waiting to be promoted by the committee supported the idea of variety among the same items He supported the idea that variety will help bring out competition
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