Entrepreneurship in Microeconomics – Essay Example
The paper "Entrepreneurship in Microeconomics" is an outstanding example of an essay on economics. I observed an old woman who was accompanied by her son on a market stand. This was aged around thirty-five years and the son was aged 15 years. The woman was in a situation in which she wanted to buy fruits from the fruits vendor in that particular stand. The son was anxious to help her select the best fruits and probably, this boy might have prompted the mother to come and buy the fruits. The fruits in the stand were oranges, lemons, and tomatoes. The mother showed concern with the tomatoes. She, therefore, inquired the price of the item (Boyes and Melvin, 2002).
The price that the seller quoted sounded higher than the expectation of the woman. She started touching the tomatoes and depicting that they were of low quality and therefore the price was exaggerated. She, therefore, returned the tomatoes back into the pile that they were initially.
An inference about her priorities is as follows. First, she wanted big sized tomatoes so that she can agree with the price of the tomatoes. In addition, she might have considered the quality of those tomatoes as being poor. In her own view, she expected the tomatoes to be super ripe, for instance, the colour of the item was not satisfactory (Boyes and Melvin, 2002).
My inference about the motives of the woman is as follows. Since she decided to buy the other types of fruits, she just did not accept the high price that the vendor had quoted (Perloff, 2009). This is justified by the fact that she opted to buy the lemons without even questioning anything about them. The price of lemons was almost half the price of the tomatoes. Also, she must have opted to buy other things because they attracted her. The lemons were attractive of course (Perloff, 2009).