Microeconomics - a word, on hearing which concepts like demand and supply curve, monopoly, price control, etc. come to our mind. The topics were easy for many but dreadful for few like me. Each topic taught by our professor, made my life terrible and I had to spend lots of time on it, more than the time spent in the ATM queues these days (thanks to demonetization).
While standing in the ATM queue a few days back, somehow the memories flooded in my mind. Starting with the concepts, the deadly curves, unsolvable assignments and problems, in short everything. I tried to pen down my learning's from the subject in a creative way -
When I studied the curve of Demand and Supply,
then I came to know how and why we buy
Then comes the curve of maximum Utility,
which tells truth i.e. no Infidelity
Spend all your money till the last cent ,
on good X or Y that's what it represent.
Government also has a say through price control,
that intervention can take quiet a toll
It sets the minimum price i.e. called floor,
through which firms are better off so they'll produce more
Like floor we have a Ceil i.e. the max price,
and doing that might be a good advice
Just don't think that ceiling solves it all,
it can make you feel better but there is a fall
Market has competition and my role is survival,
the last thing a monopoly want is a rival
But no matter how much product a monopoly can sell,
the regulators can still foster a monopoly as well.
The study helped me spend wisely my earning
Thanks a lot!!! The course was a great learning :)
About The Author:
Raghav Lakhotia is a student of Indian Institute of Management Udaipur.