Feb 14th 2012, 16:15 by J.M.F.
MICROECONOMICS is full of tools that help explain human behaviour through competition, incentives and signals. But the discipline can seem far removed from real-world situations given the nature of the terms used. On this Valentine's day, Elisabeth Fosslien, an analyst and visual designer has created this brilliant visualisation of love through the eyes of the dismal science. Click here for 13 more.
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This is some seriously important work that you are doing here! Economics is a very big subject. Near as I can tell it deals with the Selection, Production and Distribution on man's values. I have found that it becomes a little easier when we break it down into the Economics of Being, and the Economics of Doing. If we don't first know who we are will be doing in order to be.
Having said that much I should say that the ultimate medium of exchange is Love - it takes things from where they are, and puts them where they belong, and leaves the transaction debt free - No government owned guns allowed.
I never knew economist to get down like this! serious turn on. Now thinking of dating one!
interesting:) one day after the macroeconomics class in 1992, I drew the MPL curve for a classmate on the blackboard. I enjoyed the return on that innovation for a few good months after that:) [ MPL or marginal propensity to like measures the increasing rate of liking over time for someone]...I am sure, Liz Fosslien would have her time too
wonderful application of ideas. some great creativity indeed.
Lovely! Simply lovely!
This made my day...well done Elisabeth Fosslien!
I would add a natural log graph showing growth of affection over time, with the derivative of affection over time increasing at an increasing rate... (:
Its really interesting. Keep the good stuff going.
didn't see this till today, but still really funny.
hahah, it could never occur to me that love could be charted, very original indeed!Moving Companies
The graphs above are brilliant!
- Richard Dee
Fort Walton Beach, FL USA
check out www.entertainingeconomics.com to find 14 ways an economist says I Love You!
brilliant blog!
The good news is, there were only 14 economists at home surfing and commenting on this page on Valentine's day...
My dear friend, Economists were dating Economics.... atleast 14 of them were.
from the consumer point of view, am i paying a higher price for less quantity of love??? booooo! open up competition!
Truly it would have been great to have more suppliers of love at better prices, but this supplier is a natural monopolist and restricts free entry, bad.... We are Pro-Competition, rather Open Economy Perfect Competition ;-)
You Make me Feel So BLUE!
This is statistical porn
Me sentiments exactly. Having been married a few times and unsuccessful at online dating, I can say honestly that this is more exciting than a first date or any of my wedding nights.
When Average total cost curve is falling, MC < ATC.
And for Natural Monopoly Long Run ATC Curve is always falling as output rises.
Thus I think the above diagram is perfect even if the commodity is love.
Yes, but in the graph ATC n the last part is growing, despite being ATC > MC.
Pietro
Ah Yes looking closely I see the ATC is rising slightly at the end, true then MC should have overtaken at the Minimum of ATC and also in Natural Monopoly the ATC shouldnot rise....
Just think, someone has tried to represent love using Natural Monopoly, and we start debating over the faults in the graph....
Haha, again showing signs of being a greater lover of economics than anything else...
:-)
Pietro
I must be blind(ly) in love. Someone pl explain this graph!
Its a simple demand curve Annapakshi.... The more the love you give, the cheaper the value of love becomes.... Very simple yet Very Realistic
Roses are red,
And violets ain't crummy,
I sold your gold ring,
And now feel like a dummy.
Wonderful, but (sorry) with an error: ATC curve decreases until > MC curve.
Best, Pietro Terna
That's why it's a natural monopoly; ATC > MC at the quantity where P = MC.
With permission from EZemALzH6f, True, that's a point that my friend EZemALzH6f knows, the only thing he stresses is on the rising ATC curve just at the last part of the ATC curve.