Cam is talking to a lady at Lily’s play class about movies to make small talk, and they have very different opinions on how talented Meryl Streep is. Cam loved her performance in Sophie’s Choice and has a hard time thinking about having to choose between Lily and Mitchell. The first concept in the opening scene covers subjective preferences of individuals. Cam believes Meryl Streep is the best actress, implying he’s able to rank performers, a necessary condition of utility theory.
The ending scene ties back with the movie, Sophie’s Choice, where Streep must chose between her child or her spouse. Cam weighs the same issues and realizes he would struggle having to decide between saving family members. While most tradeoffs are not as serious, each decision we make includes opportunity costs, which must be considered in the decision making process.
See more: choices, preferences, ranking, opportunity cost, subjective value, tradeoffs, transitivity, utility
Economics of Modern Family 