Wednesday, January 28, 2009

HW Post due Friday 1/39: Elastic/Inelastic

Make a post on THIS comment (theres a button right below these words) in which you describe two goods that are ELASTIC to you and two goods that are INELASTIC to you.

Each good must have at least a one sentence explanation of why it is elastic/inelastic and the description should have a solid grounding in economic language. No post can repeat the items of a previous post so post EARLY.

My examples:

Videogames are an inelastic good to me because I need them, and there are definitely no close substitutes for Halo or Metal Gear Solid.

Deadorant is elastic in my opinion because I can make it through the day without it and if it comes to it I can always just wear an undershirt.

Have fun with these and be creative! One point extra credit if I lol.


  1. Ursula says:

    Burger King's Tendercrisp sandwiches are inelastic because the chicken goodness paired with BBQ sauce has no comparison. McDonald's is Burger King's bitch in this facet. Pardon my French.

    Also, the prices of my Xbox 360 games are inelastic, because God knows that even if Call of Duty World at War were to be $100, I'd still pay for it.

    On the elastic side of life...

    Soap in winter is pretty elastic, because it's so cold that I don't sweat. So showers are rendered useless in winter, and so is soap. Yay to one week without showering! (Don't take this seriously, I shower every day. :) )

    Brand name clothing for me is also elastic, because I'm so cheap I wouldn't buy them in the first place.

  2. A luxury car like a Lexus is elastic for me because it has many substitues. For example, I could buy a Toyota instead.

    Airplane tickets are elastic because vacations take a long time to plan.

    Gas is inelastic because it is a necessity to be able to drive.

    My particular brand of shampoo is an inelastic good because I will not use another brand, and no matter the price, I will still buy it-for me, it is a necessity.

    -Cara Rosenthal

  3. Grishka pointe shoes are inelastic because no other shoe works for me and no matter what the price I will still buy them.

    Starbucks coffee is inelastic because its the only on that keeps me awake while still tasting delicious..So if raised to $10 a cup I would still buy it.

    Shopping at Whole Foods is elastic because you can go to H.E.B

    Chili's hamburgers are elastic because there's whataburger and still pretty good.

  4. Laptops are elastic for me because i know that i can always find a good deal in another store

    Bicycles are elastic because I know if i need the bike for transportation and the price is too high,i can always ask my parents for a ride.

    Gym memberships are inelastic for me because no matter how ridiculously high the price is, i would probably still sign up for one.

    Dr. Pepper is inelastic to me because if i am really thirsty one day i would still buy one for a high price.

  5. Gum is inelastic because I am an addict and I would still pay for it if the price went up.

    AP tests are inelastic because they are college credits and no matter the price, I would pay to take them. Also, there are few substitutes for them.

    Going out to eat is elastic because there are many substitutes for it, like cooking at home.

    CDs are elastic because if the price got to high then I would just download those songs off of the internet.

  6. Diamonds are inelastic because no matter how high prices get, Paris Hilton, Fifty Cent, and Lil' Wayne seem to find the money to buy them. There aren't many substitutes for these precious gems, so rappers are willing to pay the price to pimp their grills with diamonds.

    Another vital inelastic good is the friendly calculator. There are hardly any substitutes for this magical good, our brains maybe, but most of our cerebrums don’t work that way.

    Tea is an elastic good, because if its price increases, then we would easily turn our attention to other valuable sources of caffeinated beverages such as Monster, Red Bull, and Espresso.

    A trip to the moon on your own personal spacecraft, unfortunately, is an elastic good. It requires mucho dinero and very meticulous planning. You don’t want to find yourself blown to pieces by the second minute in flight.

  7. Brittney Foster:

    Cameras are elastic because there are many substitues. You can purchase a Coolpix or a Kodak.

    Chick-fil-a chicken biscuits are inelastic. Have you ever bitten into a hot, steamy, moist,tender,buttered chicken biscuit??? It is so good it makes you want to slap yo momma!!! McDonalds nor Whataburger can compare.

    Hair weave is elastic. You can buy all different kinds from the beauty supply. You can buy Zury long hair or Bison curly hair. You have many choices. Girls take the weave game series.

    My Tupac cd is inelastic. Many rappers might rap his songs and try to be like him but no one comes close to Tupac. Tupac is the best and I need him for relief. "Thug Life"

    Brittney Foster

  8. An example of an inelastic good for me would be electricity. The world runs on electricity and lets face it, without it we would go blind and chaos would brake out.

    Another example of an inelastic good for me is my iTunes play list. Without it i cant work out and i love to work out. So with out it i wouldn't be able to maintain my perfect six pack.

    An example of an elastic good for me would be a luxury car. For example the brand new Buggati Veyron 16.4 the worlds fastest car. I am always satisfied with a Porsche 911 Turbo.

    Another example of an elastic good is a 5 thousand dollar Gibson Les Paul. I always thought that the guitar is not what make the player but the talent.

  9. Video games to me are elastic, because they are not neccessities.

    A fashion clothes to me is elastic, because most of them are very expensive for me.

    College application service is inelastic, because I must process it in order to go to college.

    Coke is inelasetic to me because I like to drink it and it's inexpensive.

  10. soda is inelastic for me cause im pretty much addicted to it. i cant stop.

    a computer is also inelastic because im on it like almost 100% of the time that im at home.

    floss is elastic. i know im supposed to buut i rarely do.

    an alarm clock is elastic for me. i dont really use them since all the clocks in my house are off by up to 5hrs.. and i never wake up to the alarms anyway.

  11. glasses and other equipments associated with medicine is inelastic because there are often few substitutes, and they are of immediate necessity. People would buy a pair of glasses for $50, $150, $250, $350...whatever.

    School textbooks are inelastic. For the wonderful greater good of the fantastical journey of education, you gotta pay what you gotta pay. The textbooks are necessities in educational instruction. There are often few substitues as the state board of education pre-determines the required textbooks. The school often cannot pick and choose.

    Tong objects to the overly priced glasses and textbooks.(This things in China are not NEARLY as expensive at all for some reason...)

    Other school products like...markers, notebook papers, pens, etc are elastic to me. If they are too expensive here, I can get them from China, the land of cheap light industrial products haha. There are many substitutes.

    Personally, beauty products: makeup, wig(=.=), hair conditioner, etc are elastic. They are luxury goods and there are many close substitues. Instead of buying facial masks, Mr. Leagon can just put some cucumber slice on his face? (jkjk, don't actually try this) This is my personal opinion though. Many other young girls in today's society would probably consider beauty products as somewhat of a necessity.

    [end of rambling]

  12. ooops found some typos. ignore them plz^^

  13. For me, computer paper (really all paper) is inelastic because it takes up a small percentage of my income and is really a necessity. Another inelastic good for me is staples, for the same reasons as paper, and because the process of buying them is relatively short term.

    As for elastic goods, "designer food" from a place like Central Market is a pretty good example, b/c you can find cheaper substitutes at a store like Randall's of HEB. Another example would be original pieces of art from a gallery, for they are generally expensive (large % of income).

  14. Cereal is an elastic good because if the price goes up i wouldnt buy it because it has many substitutes.
    Plush Toys are elastic because if the price changes i wont get any because they are not a necessity.

    Cigaretts are inelastic because if you smoke then you are addicted so you would buy them no matter the price change.
    Love is inelastic because no matter the price people still want and need it. its a necessity.