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Econ- Selfie Coursework
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This document explains how important microeconomic ideas relate to sales at Sainsbury's using concepts from your coursework. It shows how supply and demand influence pricing; for example, Sainsbury’s lowers prices during sales to attract more customers. Price elasticity illustrates that basic ite...

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  • October 6, 2024
  • 3
  • 2024/2025
  • Essay
  • Unknown
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Module Code: BFE0020
Module Title: Introduction to Microeconomics
Assessment Type
Coursework
(Initial)
Academic Year 2023/24 Term 1


Figure 1: ECON Selfie Winter Sales in Sainsburys



My Econ selfie will be based on sales in supermarkets. Recently, I have seen winter sales arriving such as
my picture above which was taken in Sainsburys. This selfie can be linked to many microeconomic
concepts such as utility theory, consumer behavior, price elasticity and many more concepts to discover.

Utility theory is important as it shows consumer how important consumption of goods is determined by
the preferences of the individuals. For consumers they have a range of preferences to consider when
buying goods such as change in income of clothes and can also lead to income and substitution effects.
How much budget they can spend and finally their own tastes and preferences.

An indifference curve can be used to represent the sale good and the normal good. The sale good which
is shown in my selfie is £20 but the normal price of the good is £25 so I was able to save £5. The sale
good shows the discounted price of the normal clothes price.



Figure 2: Table showing sale/normal goods



Normal Good Sale Good
£15 £12
£25 £20
£35 £28
£45 £36




Figure 3: Indifference curve to show sale good and normal goods

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