The Economic Perspective

The Economic Perspective
Author’s Name
Institutional Affiliation
The Economic Perspective
I am currently pursuing Microeconomics. I have always aspired to comprehend how people, businesses, families, and the entire society allocate the available scarce resources to meet their never-ending needs. I desire to make significant decisions on matters affecting our country’s economic status in the future. For instance, I would like to advise the president on the financial state of the economy. Hence, enrolling in this course is the best decision because, in the end, I will be able to use the acquired knowledge to help people make sound economic decisions. Also, I would love to further my studies and pursue a master’s degree in business administration.
I would love to do my projects on Apple. The marginal analysis involves the comparison between costs and benefits obtained from specific business activity. If I had a chance to be Apple’s CEO, I would use marginal analysis to decide whether it is a good idea to manufacture iPhone 6s plus or iPhone 6s. The iPhone 6s Plus is expensive. Hence, selling it would make more money for the company. However, iPhone 6s is cheap to manufacture and most buyers would choose to sell it because of its affordability. Apple has established its brand in the market hence, maintaining their client’s loyalty such that even when the company manufactures a new product, clients still want to purchase the products even when the differences are slight (Hesterly and Barney, 2018).

Additionally, I would apply marginal analysis to determine if it would be worth it to raise the cost of a phone and enhance its features to include a better camera, better battery, increased processor power, and an easy to navigate interface among others.

References
Hesterly, B., & Barney, J. (2018). Strategic management and competitive advantage. England: Pearson Prentice Hall.