I am fully immersed in Economics class. I think about my opportunity cost of taking a crap. I thought I would give an example, and mix in some fish.
Elasticity is basically the change in quantity demanded over different prices. Here's an example that is actually fish related:
I can normally buy 3" Clown Loaches at $6-7 a piece. Unfortunately for me, our stock usually does not meet my demand, meaning there is a shortage in supply. I have gone outside our fish economy and offered to buy loaches from people who have community tanks with loaches too large for their system. From these people I typically have to pay $20 for the same fish I was paying $6 for. I also will buy fish from a different store if it is a quality specimen with an oddball pattern. For these I usually have to pay $8-15. This means that looking at my personal economy, loaches are a relatively inelastic good. My demand does not change if the price goes up or down. The supply for these fish is also relatively inelastic. If I were to offer a price of $25 for a 6" Clown Loach, I would have few takers. If I were to offer $50 or even $100, I wouldn't have many more suppliers. The reason is simply a shortage of fish at that size due to export regulations.
What is your demand elasticity for your favorite fish? Would your quantity demanded decrease if the price went up? Or would you keep buying them anyway?
Elasticity is basically the change in quantity demanded over different prices. Here's an example that is actually fish related:
I can normally buy 3" Clown Loaches at $6-7 a piece. Unfortunately for me, our stock usually does not meet my demand, meaning there is a shortage in supply. I have gone outside our fish economy and offered to buy loaches from people who have community tanks with loaches too large for their system. From these people I typically have to pay $20 for the same fish I was paying $6 for. I also will buy fish from a different store if it is a quality specimen with an oddball pattern. For these I usually have to pay $8-15. This means that looking at my personal economy, loaches are a relatively inelastic good. My demand does not change if the price goes up or down. The supply for these fish is also relatively inelastic. If I were to offer a price of $25 for a 6" Clown Loach, I would have few takers. If I were to offer $50 or even $100, I wouldn't have many more suppliers. The reason is simply a shortage of fish at that size due to export regulations.
What is your demand elasticity for your favorite fish? Would your quantity demanded decrease if the price went up? Or would you keep buying them anyway?
