Insulin

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daj224

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CFAI books mention insulin TWICE as an ex of perf inelastic demand good


can anyone think of other examples, and dont say tobacco, becuase thet is inelastic, but not PERFECTLY inelastic.
 
KJH Wrote:
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> Food


wrong, not in low income countries.
 
victorh Wrote:
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> Rice


wrong, rice is an inferior good. see volume II, rdg #13
 
toilet paper. Let's see, $1.69 for 3 rolls? Better use half a sheet...
 
daj224 Wrote:
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> CFAI books mention insulin TWICE as an ex of perf
> inelastic demand good
>
>
> can anyone think of other examples, and dont say
> tobacco, becuase thet is inelastic, but not
> PERFECTLY inelastic.


I don't think anything is PERFECTLY inelastic. There are things that are inelastic in the short run, i.e. gasoline, cigarettes, etc. But in the long run, when prices get too high, consumers change their consumption habits because they have no choice.
 
^ not close. Most water is used for pretty stupid stuff - like 30 minute showers
 
> I don't think anything is PERFECTLY inelastic.
> There are things that are inelastic in the short
> run, i.e. gasoline, cigarettes, etc. But in the
> long run, when prices get too high, consumers
> change their consumption habits because they have
> no choice.


well, book says insulin, so be ready in case the test asks...everything i post if OFF the CFAI books, which is all I am suing
 
In one of my microeconomics textbooks, shoe laces was given as an example of a good with an inelastic demand.
 
daj224 Wrote:
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> > I don't think anything is PERFECTLY inelastic.
>
> > There are things that are inelastic in the
> short
> > run, i.e. gasoline, cigarettes, etc. But in
> the
> > long run, when prices get too high, consumers
> > change their consumption habits because they
> have
> > no choice.
>
>
> well, book says insulin, so be ready in case the
> test asks...everything i post if OFF the CFAI
> books, which is all I am suing

You didn't use schweser at all?
 
daj224 Wrote:
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> KJH Wrote:
> --------------------------------------------------
> -----
> > Food
>
>
> wrong, not in low income countries.

I'd argue that food, as a blanket category, is the only thing item in the world that comes close to perfect inelasticity.
 
Hank0414x Wrote:
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> P0RN ...

Nah ... too easy to get 'em free / subs these days. I reckon porn is elastic.
 
victorh Wrote:
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> Hank0414x Wrote:
> --------------------------------------------------
> -----
> > P0RN ...
>
> Nah ... too easy to get 'em free / subs these
> days. I reckon porn is elastic.



You've to pay for your niche, aside from the widely circulated general stuff
 
Porn is probably close to perfectly elastic.
 
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