Originally Posted by
AcesHigh007
I'm afraid it's time for Economics 201 to begin.
Ever heard of the concept of Price Elasticity / Elastic and Inelastic goods? Elastic goods are those things that the general population NEEDS. I.e. Toilet paper, soap, basic food, etc. Inelastic goods are those things people WANT. I.e. Mercedes and $12000 road bikes.
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I stopped reading right there. I can tell you, as a person with a PhD in economics and 35 years of experience in the profession – which includes a tenured full professorship – that statement is completely wrong.
Edited to add: I read a bit more because I’m on my trainer and bored. If one of my students ever referred to a “supply demand curve,“ I would ask him to make up his mind: there’s a supply curve, and there’s a demand curve, but there is no “supply demand“ curve.
Economics 201, indeed.