Blog 5

Part 1:
    This week I learned about the definition of Demand, which is the quantities of a good and service people are able and willing to buy. As prices fall quantities demanded rise. Diminishing marginal returns is for each additional unit there is less satisfaction. And the income effect is when we seem to have more money as prices go down because it goes further.
PART 2:
   So the airlines have elasticity because there aren't very many alternatives for those who need to get places fast. So they can fluctuate their prices based on the person's absolute need to get to a place asap. Vacationers that planned way ahead will be able to pay less than the buisness people who get last minute tickets. Last minute tickets are allowed to be higher priced because there is a limited supply of tickets AND the buisness folk are willing to pay way more than the people who had pre-planned their trip.
PART 3:
   The jobs I chose to look at:
        •occupational The ropy assist
        •physician assist
&
        •secretaries & admin assist
1. The growth and demand for these jobs are high because there are so many of the higher level people and not so many that want to help them be successfully.
2. Maybe offer free or cheap training lessons or offer them a gaurenteed job after the training is over so they don't have to worry about going through the long process of training but not having a job to go to afterwards.
3. Well assuming they are married to a person with equal pay the first and third one I chose have a pretty good lead to millionaredome but the second one puts the family above and beyond $120,000 a year it would be over $180,000 a year if they both had then same income.