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Headlines!!

News Headlines.

Complimentary Demand: "FREE 50 dollar itunes card given away with a purchase of the new Ipad2"

Substitute Demand: "Gas Prices raised to 9 dollars a gallon, time to switch to Hybrids?" 

Elastic Demand:" Non-soda drinkers stalk up on rootbeer with INSANE cheap prices"

Inelastic Demand:"Milk Prices take a jump, yet consumers still crave for it"

150 word description going off of the inelastic demand. MINI ARTICLE

    Across the country invesigators have found out that many of the farmers are not treating their animals the way they should be. Feeding them food that makes the milk intoxicated and poisoning it causing consumers to get very ill. Investigators still don't know why exactly this is happening but it has caused a huge jump at the grocrie stores! From the average cost of milk at 2.50 a gallon milk now costs 8.50. Although it has taken a 6 dollar jump the amount of milk being sold has only slightly decrease. That just brings us  to the point of how much people need this in their every day lives. Milk is taken part of the economic world of being an Inelastic Demand. This means the the price of milk could either drop or become high and the product will still be sold in the same range of numbers. Do you ever wonder how far someone would pay for something they need though?? If invesigators can't find the problem milk may slowly rise to an unreasonable price. Will consumers still purchase their daily dose though? Only time will tell.

Demand Wrap UP

Elastic/Inelastic Demand Finale!

      One of the aspects of demand that I seem to be able to relate to the most is Elastic and Inelastic Demand. Inelastic Demand is when there is an item that you would purchase mostly depending on the price. If the price is too high you may choose not to buy it because it is usually an item that you don't necessarily need. Unlike the other demand which is Elastic Demand. Elastic Demand is when the price can either go sky high or stay low and cheap but you will still purchase the item because it is a necessity, or an item that you need to have whether its on a daily basis or just a regular purchase.
      A time when I was a part of the elastic Demand is when I purchase gas. Gas prices are changing all of the time, and it has been doing that for a very long time. No matter how expensive or how cheap the gas may be I know that I will be buying it. That is because it is something that I need! I need the gas to get to school or get to work, or go hang out with a friend or help drive my sibblings' around to the sports or activities I need. Although there may be substitutions, such as riding the bus or walking or maybe even riding my bike, my first choice will always be to buy gas. Every paycheck i will always set aside money just for that, and sometimes I even set aside extra money just because I know that gas prices change all the time. But that also doesn't mean that i will buy more if the gas is cheap, it's more of a "hurray" if that just happens to be so.
      A time when I used inelastic demand is nearly all the time! Most of the things that I purchase are normally determined on the price. If the price is too high I won't buy it. Examples of that may be certain kinds of food, or clothing, movies, activities, ect. Last time this occurred to me was when I was going to go get some coffee. I usually go to Dutch Bro's because their prices are reasonable. But instead I decided to go to Starbucks. When I got there I decided to just go to Dutch Bro's anyways because I didn't feel like spending 5 dollars on the coffee.
    My question is, is there ever a point where most people will stop buying the Elastic items because of too high of prices, even though it is an item that they need?
     

Elastic/Inelastic Diagrams

DEMAND