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Economic Puzzle Essay

841 words - 4 pages

Have you ever stopped to think, and ask yourself, “why is that so?” In society, there are a plethora of different peculiar phenomena that go on, yet they have become such a common part of our everyday lives that we usually do not stop to contemplate and formulate an answer to why things occur the way they do. For the most part, we tend to brush things off as, “it is what it is.” One phenomena that I have always found interesting pertains to relationships. It is, “why do celebrities have more unstable marriages than non-celebrity couples?” This is specifically concerning the topic of divorce. In society, I have noticed that there are more celebrity couples getting divorces and remarrying than there are non-celebrity couples. While no one usually pays any mind to this trend, there is an underlying explanation that can define the reasons why this tends to be true. Believe it or not, but this question can be answered in economic terms.
Three concepts that can be applied to this question are elasticity of demand, cost-benefit analysis, and Keynesian economics. Elasticity of demand has to do with price change, and the sensitivity level that is associated with certain price changes. Generally, when the price of a product goes up, people do not demand as much as this product as they did before. The magnitude of how much the demand rises or drops due to price change is the elasticity. As for cost and benefits, it is understood that in economics, a company is to begin and proceed with their production as long as the costs do not outweigh the benefits. An analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs is an integral part of every company, and this concept can also be applied to this economic puzzle. Lastly, there is Keynesian economics. With Keynesian economics, there is a belief that in the short run, especially during a recession, economic output is strongly influenced by aggregate demand (total spending in the economy).
Now that we have compiled all the ideas that serve as integral parts of the answer to the question, “why do celebrities have more unstable marriages than non-celebrity couples,” we can completely answer this question in an economic framework. Intuitively, we know that higher prices put off potential buyers. This is especially true in a highly competitive market where there are many other suppliers vying for your business who have not raised their...

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