Dancing With Death
11/09/2011 § Leave a comment
Dancing With Death:
Summary of Planning a Dance
Apparently we learn how to dance with death in this course of social studies. This is totally related to economics
because it’s not really that we’re learning how to dance with death. I really don’t think the Board of Trustees here at CA would allow that. In fact, the first thing we did in this portion of the economics semester was plan a dance. Planning a high school dance relates to our economics unit because it is laced with making all sorts of economic decisions. It also has a lot to do with opportunity cost and trade-off which are about half of the new economic terms we learned and shall be explained later.
The first order of business in planning a dance was being put into groups, and receiving the resources and instructions. The three groups were:
1) Nutcha, Jesse, Ho-Hsuan, Me
2) Grace, Christina, Hiroki, Marie
3) Yurika, Emily, Kohei, ShiJia
(Both Lynn and Yuki were absent for this activity because Lynn was in New York and Yuki just hadn’t come to school yet.)
Assuming that our class has $9,635 in our bank accounts, this is what we had to work with for our budget. The three categories we had to work with were the music for the dance, the venue (a place) the dance would take place at, and refreshments and decorations (the alternatives were caterers that would also decorate the venue for the dance, which is really convenient, in my opinion). For each category, we were to evaluate each possible alternative with a shorter, quicker version of PACED with criteria and stars.
For music, the alternatives our group was able to choose from were two disc jockeys — Pig Sty ($1000) and Good Vibrations ($2000) and four live bands — Pumkin Chunkin ($2500), Angelic Sinners ($4000), Our Rage ($5000), and Funky Fugues ($6500). The four different criteria was convenience, variety of music, the quality of the music and how much the band/DJ cost. The final two choices that fit this criteria were Pig Sty and Good Vibrations because they were cheaper than the live bands and of good quality and had more variety compared to the live bands. Then, after weighing the qualities of Pig Sty (“cheap but good”) versus Good Vibrations (“excellent selections / sound system”), we decided that the best choice would be Good Vibrations at $2000 because it was cheaper than the live bands and better quality than Pig Sty (even if Pig Sty was $1000 cheaper). Our choice is therefore Good Vibrations and our opportunity cost is the disc jockey Pig Sty.
—Economic-term explanation time—
opportunity cost: one thing you give up in order to get your choice; also known as the indirect cost or non-financial cost
For the places available for the dance, the choices were the school gym ($200), the American Legion Hall ($600), the Holiday Inn ($1500), The Hilton Hotel ($2000), and The Knob Hill Country Club ($3000). The criteria we used to evaluate these alternatives were the size of the place, the cost, and location suitability. The two final choices were the school gym and the Hilton Hotel. Both venues are both large in size and would fit the entire high school but the Hilton Hotel fell flat when it came to the cost. The school gym was much cheaper. Also, because this is a last dance, we wanted the location to be memorable. Therefore, our final choice was the school gym and our opportunity cost was the Hilton Hotel.
Finally, the refreshments and decorations had four different arrangements: School Service Club ($800), Catered 1 ($1200), Catered 2 ($3000), and the Package deal ($5000). To evaluate these choices, the criteria our group used was the quality of the food/decorations, the variety (of food), and the formality and luxuriousness of the food/decorations. Both Catered 2 and Package deal did very well in all three categories and there was a bit of a tie between the two alternatives. We ended up choosing by seeing how much money we had leftover ($7345). We had more than enough money to afford a great cater with good decorations and decided to get the Package deal. In other words, our choice was Package deal and our opportunity cost was Catered 2.
In a way, our group made a trade-off between venue and refreshments & decorations. By using less money on venue and spending only $200 on the school gym, we had a lot of money leftover to buy a lot of good food, which, in my opinion, is really important, and excellent decorations. This is the main trade-off that our group made.
—Economic-term explanation time—
trade-off: giving up a little of something to get more of something else; you get both your first and second choice but not to the fullest extent
After all this spending, our class now has $2435 left in our possession. Assuming that we’re in CA, our group decided that the best thing to do with the left over money (more than ¥240,000) is to donate it to Tohoku to help fix things in that region of Japan. Although CA has already made many successful attempts to donate to the Tohoku funds, there are always many things we can do to help make things right again in that region of Japan.
Group 2’s expenses were spent on Good Vibrations, the gym and catered 2, so naturally, they had more money leftover (about $4435). They didn’t value food as much I did. With their leftover money, they decided to keep all of the money for the senior trip or for prom. Group 3 also donated their leftover money to Tohoku but they also had more money than we did — $2635. However, their choice seems like the best because they had a good DJ (Good Vibrations), a great location (the Hilton Hotel) and Catered 2, which is still a very good arrangement for food and decorations.
Our group didn’t win. Group 3 won because they had the best music, venue and food & decorations so it makes sense.
And so concludes part 1 of ‘Dancing With Death’ with more to come.