Put yourself in my shoes I love economics The concepts we st

Put yourself in my shoes. I love economics. The concepts we study sit in my brain and even slip out when I\'m talking to my 5-year-old. \"Cole, I don\'t think you really want that $40 toy because it won\'t provide you the utility you expect.\" Well, he is the judge of his own utility and clearly it is worth it to him for me to spend the money he doesn\'t understand on the good. Then he screams and we hurry out of WalMart. :) Here is your discussion assignment: Be an econ nerd. Imagine that you are at a large store with a great number of items that you may purchase. As though you can only think in economic terms explain the thought process you go through as you decide what to purchase and how much. Your post should incorporate as much content from chapter 6 as possible and it should be really nerdy.

Solution

Well indeed an economist will always look for utility the good is providing. When we reach a large store in terms of utility three types of goods comes in the mind of a consumer  

1.Goods which are very important and are absolutely necessary to buy like soap, shampoo etc, in such type of goods utility is 100% as these are necessary products.

2. Goods which are not very necessary to buy as there is an option against them these goods provide utility to us

3. Goods which are not at all required but after visiting store we feel like having them. We should have a watch over these products as in what utility they are going to provide.