From Ferraris to Flight Tickets: Microeconomics That Matters
by Admin | IITBOMBAY-WU
You must run faster and faster just to be there where you are!
After a deep dive into Financial Accounting last month, our Executive MBA journey took another intellectually stimulating turn, this time into the complex world of Microeconomics.
From the outset, it was clear: this wasn’t going to be a passive lecture series. We were in for active discussions, chart-drawing, and a deep dive into real-world applications of demand and supply.
Professor Stephen Ryan led the sessions with energy, wit, and razor-sharp insights. His engaging teaching style made sure we weren’t just learning microeconomics, we were experiencing it.
And of course, what’s a microeconomics class without a few legendary laughs?
Thanks to Professor Ryan’s unforgettable analogies, “buying the orange Ferrari” quickly became a class meme and our go-to example of irrational consumer behaviour. Throw in the hilariously insightful conversation on tomato farming, and we had the perfect balance of theory, humour, and applied learning.
Here’s a quick glimpse into what we explored:
- Demand and Supply Curves : not just how they work, but why they shift, and what those shifts mean for businesses and consumers.
- Substitutes, Price Changes & Market Equilibrium : concepts that now jump out at us in everyday scenarios, from food prices to flight tickets.
- Monopoly and Market Structures : we unpacked how companies gain market power and what pricing looks like when competition is far from perfect.
- Charts and Diagrams : yes, there were many, but they weren’t just exercises. They were tools for grasping how abstract theory meets real-life practice.
- Game Theory : a deep dive into strategic thinking where businesses, governments, and individuals make decisions while anticipating others’ moves.
- Marginal Cost & Willingness to Pay : we gained a new appreciation for how businesses balance cost, value, and customer perception.
For many of us, this was a true eye-opener. Microeconomics is everywhere: in the choices we make, in the strategies businesses deploy, and in policies that shape entire industries. This session helped us decode the why behind these decisions and sparked a whole new way of thinking.
And of course, no EMBA residency is complete without a bit of fun! Between the diagrams and demand curves, we managed to unwind, laugh, dance, and deepen our bond as a batch.
Here’s to more lightbulb moments, engaging debates, and transformative learning in the episodes to come!
Source: IIT Bombay-WashU EMBA Batch 10