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Research Paper

  • Date Submitted: 06/01/2013 08:27 PM
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Research Paper

“Economics Is Where You (Tube) Find It”

While watching (http://www.youtube.com/watch?v=gvlR8L5ZNeM), a clip from The Young and the Restless, I immediately see the use of the externality concepts that are discussed in chapter 10 as well as the cost benefit analysis concepts that are discussed in chapter 11.

When Nick hires Dylan at his bar in order to help Dylan quickly earn the money needed to pay back the bail money to Avery, I see the cost-benefit analysis concept being applied. In this portion of the video, Nick is willing to hire the ex-boyfriend of his girlfriend (Avery) in order to pay her back for legally representing him. In doing so, Nick weighs the options of Dylan staying around Genoa City for any longer than he needed to be there.

With Dylan wanting to pay Avery for representing him in his bar room brawl despite him currently being unemployed, meant that Dylan would have to stay in Genoa City for an indefinite amount of time. Nick giving him a job is where the cost-benefit analysis kicks in. Nick analyzed the cost of Dylan staying in Genoa City taking a risk of Dylan and Avery falling in love with one another again especially with the way their relationship ended. By hiring Dylan mean Nick would be giving him a job so that he would have a way to gain the money needed to pay Avery for her legal representation. As well, this would mean that Dylan would not have a reason to continue to hang around Genoa City or Avery. The cost benefit of Dylan leaving town was far more conducive than the cost benefit of having Dylan stay around.

In another scenario with Nick and Dylan, Nick offers to use his name to sway the sheriff into dropping charges on Dylan so that he can move on. This too could be considered as a cost-benefit analysis. The cost-benefit is basically the same whereas the sooner Dylan leaves, the more comfortable Nick will be in knowing that Dylan is no longer a threat where his girlfriend is concerned. The ending outcome...

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