This weekend I found that demand plays a huge part in my life. I have a very large demand for a flight to Boston. I also have a very large demand for a new alarm clock.
On Saturday I kinda sorta slept in. Usually this isn't a problem, but it was when I had a flight that left 2 and half hours before I woke up.
I realized that I had a huge demand for a plane ticket and was willing and able to pay for it up to a certain price while I sacrifice some cash. I had a lengthy phone call with my parents. At first my parents said don't bother because you would be paying for a ticket on top of the other ticket I wasted. I explained that I already had a sunken cost of the first plane ticket and that should be ignored and that the benefits of me coming home outweighed the cost of the money of the second ticket. I was on standby and magically got home.
I really wanted to go home and I had a huge demand to go home. However, other people in Rochester didn't have such a demand - proving demand is subjective - and I was able to get that last minute seat.
I also found that I have a huge demand (more of a necessity) for a new alarm clock. I went online (Amazon - my favorite middleman) and bought an alarm clock that shakes my bed. I was willing to sacrifice the cost of it because the benefits of me waking up for class, tests, more planes, will forever be worth it. My demand is really high up to a particular outrageous price. I lacked this alarm clock for so long because I never really had a reason to get it - now I had a reason. There was the transaction cost of me formerly not needing the earthquake alarm clock and that I don't have a car as a freshman in college. But because of the middleman of Amazon, the transaction costs were lowered and the trade occurred and both parties benefited - company gets $, I wake up.
Lessons - Don't sleep in and miss flights home. But if you do, make sure you live in Rochester because there is very little demand for flights compared to say JFK airport.
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