Introductory Microeconomics: Analyzing 'Love Song' by Sara Bareilles

This assignment analyzes Sara Bareilles' song "Love Song" through a microeconomic lens. It explores key concepts such as supply and demand, diminishing returns, elasticity of demand, and marginal utility to explain the dynamics of the relationship depicted in the song. The analysis considers Sara as a consumer of love and her partner as the supplier, illustrating how changes in demand and supply affect the 'price' of love within the relationship. The assignment concludes that due to a decrease in demand and an increase in supply, the 'price' of the relationship is not outweighed, leading to the conclusion that the relationship is not worth pursuing. References to relevant economic literature are also included.

Microeconomics

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
CONCLUSION................................................................................................................................1
REFERENCES................................................................................................................................2

INTRODUCTION
Microeconomics is considered to be as one of the most effective concept which helps in
studying the behaviour of the firms and individuals which is very useful in the allocation of the
scarce resources. This study will highlight on writing a reflective concept which determines the
key economic concept of the Love song by Sara Bareilles.
MAIN BODY
The micro- economics concept is mainly associated with the key decisions which has been made
by the households and firms. Diminishing returns and the supply, elasticity of the demand and
marginal utility are considered to be as the key concepts which eventually helps individuals and
firms in order to take key decision (Definition of 'Microeconomics', 2020). Sara is in high degree
of demand for the love and the partner of the Sara is a supplier. When the demand for the love
decreases and the supply is high, then it eventually results in low price. However, when the
demand increases and there is no specific change in the supply of the partner. This in turn tends
to result in high degree of equilibrium price (Mankiw, 2020). Love tends to highly obey the law
associated with the law of marginal utility. The love Sara has for the partner helps in keeping
close to the heart when compared with the person she will next. There seems to be diminishing
behaviour in the love and satisfaction of
Sara (Kreps, 2019). Elasticity of the demand is considered to be as one of the most appropriate
measure which helps in determining the responsiveness of the customers with the change in the
price (Iossa and Martimort, 2015). Sara tends to highly believe that, the relationship do not tend
to outweigh and thus states that, this relationship is not worth pursing any further. Sara does not
demand for love anymore, but her partner who is the supplies remains constant, then it means
that it is very important to get out of this relationship because the demand and supply do not
outweigh the price (Fine, 2016). Hence, the decrease in the demand and increase in the supply
for love will eventually results in fall in the price. Hence the demand for love is low in case of
Sara but her partner is willing to accept her love at a lower price. Therefore, the relationship is
not able to outweigh the price (Besanko and Braeutigam, 2020). The equilibrium of the price is
considered to be as a market price where the quantity of the goods supplied is equal to the goods
demanded.
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CONCLUSION
It has been concluded that, demand for love is low in case of Sara but her partner is willing
to accept her love at a lower price. Therefore, the relationship is not able to outweigh the price. It
has been concluded that, when the demand for the love decreases and the supply is high, then it
eventually results in low price.
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REFERENCES
Books and Journals
Mankiw, N.G., 2020. Principles of microeconomics. Cengage Learning.
Kreps, D.M., 2019. Microeconomics for managers. Princeton University Press.
Besanko, D. and Braeutigam, R., 2020. Microeconomics. John Wiley & Sons.
Fine, B., 2016. Microeconomics. University of Chicago Press Economics Books.
Iossa, E. and Martimort, D., 2015. The simple microeconomics of public‐private
partnerships. Journal of Public Economic Theory. 17(1). pp.4-48.
Online
Definition of 'Microeconomics'. 2020. [ONLINE]. Available
through<https://economictimes.indiatimes.com/definition/microeconomics>
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