Experiences are the greatest tutor. Experience teaches us so many things
in every strides of our life. And those lessons repercussions our personality.
Experiences can teach us economics also. Let’s delineate such a real
life experience of mine.
After appearing in a national level entrance exam, I applied in a few
b-school for pursuing PGDM and got an opportunity to
study PGDM from 5 b-schools. IBA Bangalore
and Globsyn Kolkata are two colleges among them. For me, both of
these two colleges situate in a same indifference curve. Both of them can give
me same level of utility. I thought that, IBA is able to give me good quality
of education, but Globsyn is only 118 km away from my home, so I can
stay in touch with my family, friends and relatives. So the locus of Globsyn and
IBA are in a same Iso-utility curve for me. Eventually, I selected
IBA for good quality of education. The graph attached here will clarify this
economics concept.
From the mentioned graph, it is clear that both of the two colleges
are situate in same indifference curve U0. So both of them will give
same level of utility, only the combination of dimensions are different. For
good quality of education, I’ll have to sacrifice family life or vice-versa.
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