the learning curve

I would have definitely forgone the economics class if it were not for the attractive curves in the classroom.
Curves make the figures attractive especially if they are well rounded.
So, finally I missed the opportunity of incurring opportunity cost.

The first lesson of Demand and supply curve went over my head.
What I could gather was demand and supply are complimentary.
One doesn’t exist without the other.
They are made for each other.

That was not all. There was a straight line called Demand curve.
Those who demand get their line downward sloping whenever a supplier is in sight.
The supplier always reciprocates but their curves and slopes are what make the demander’s slope worthy.

Only when the demand curve intersects the supply curve is a state of equilibrium.
The whole story is about achieving that equilibrium. The state of bliss.

There was also concept of indifferent curve. If I got my concept wrong they make no effect on the slope of the demand curve. Now deficiency is from whose side remains a mystery.

Production chapter cane after the demand curve intersected the supply curve. It was about the smaller curves being enveloped by the one big curve.
When already there was upward curve and downward curve enough to affect the demand curve what was the need of a huge arc in between, proclaiming the production.

Keep on Increasing the Income effect if or you will be substituted by the factor with better substitution cost. Your supplier will turn from one of giffen goods to inferior for you and normal for others. Externalities are always at play in a perfect market.

Your fixed cost is sunk cost to maintain a supplier. Variable cost will decide the output now onwards.

Only after you become Monopoly player by merger and acquisition, at least in India, you can have all the curves in your favor to play around with.

The lesson continues….