Elasticity and Utility

      Elasticity is an economic concept that measures responsiveness of one variable to change another variable. Relative elasticity for demand means that a small changes in the price could create a huge shift in the demand, and the same goes for supply.These concepts are relatively simple and easy to understand once they are applied to real world tasks or decisions. 

       The decisions I made in the past year or so have significantly been inflicted by elasticity. The choice to go to college is one that many people make. In the case of price elasticity going to college can be a hard choice to make. The amount (supply) of colleges around the United States has grown to a high amount. The people who go to the colleges would be considered the quantity. The quantity of colleges and the people who attend these colleges(supply) directly impact the price of tuition the college imposes. 

       For me and my family, choosing tvcc was the most cost effective decision we could make. My grades in high school weren't the best: I averaged a b minus GPA in high school. I also neglected to take any advanced placement courses in high school. So in doing some research and math we found out that it would have taken me a whole year to get caught up. It would have taken me three years to get a two year associates degree. At a four year university it would have cost me almost twenty -five  thousand dollars to make up that one year. However, by coming to tvcc I could only spend twenty thousand a year on the quarter system.  The quarter system gives me the chance to make up certain courses in a shorter amount of time so I can take classes more courses in a year. The supply for a college education is such high demand in this day in age that the price has seemed to have sky rocketed. So in choosing the best education for the price i could afford i choose Treasure Valley Community College.

        Since getting to tvcc my utility has had a field day. some days I'm happy and fulfilled with my choices so my utility goes up. But there are days when i miss my friends and family back home this decreases my utility because i wish i could go home. However, in the long run I know the reason im getting a college education is so i can live close to my family .