Consider your own consumption habits and budget; which item in your monthly expenditures is most elastic with respect to price? Which item is least elastic with respect to price? Why? (For example, I shared about my own very elastic demand for "Starbucks" coffee...)
The most elastic item in my monthly budget is fast food. If I have to spend more than $5 on fast food, my demand for it drops and I will cook at home. The least elastic item I consume each month is gasoline because no matter how much it costs, I still need to keep gas in my car to get to school and work.
ReplyDeleteI think I have a pretty elastic demand for things like clothing. I may really want a certain item but I have learned to shop around for something comparable at a lower price or to wait for my desired item to go on sale. I have an inelastic demand for gasoline, basic groceries like bread and milk, and text books. I would never spend 80 dollars on a book to read for recreation, but I regularly spend that much and more on text books for school.
ReplyDeleteConsidering my consumption habits,Elastic expenditures that fall into the luxury category would be movie tickets or popcorn and snacks at the theaters.$15 to watch a movie is expensive, not to mention the other $15 for popcorn and a drink. Necessities such as tuition fees and putting gas in the car demands a more inelastic response. There is an inelasticity for tuition fees due to the demand for education and future career opportunities; and gasoline because there is less opportunities for substitution to keep the car running.
ReplyDelete-Susan Lo
When it comes to spending money I tend not to buy clothing if it's too expensive. Also going out and doing things with friends like watching a movie, having dinner or getting coffee can add up really fast, so I tend to watch how much i spend on those things. This means that leisurely items are elastic to me because I don't need them. When it comes to necessities such as something simple like shampoo or toothpaste I can even be very elastic about and tend to buy the better priced products. The things that are very inelastic are tuition for school, or even my phone bill because they are things that are important and I need.
ReplyDelete-Danielle Wolf
I would have to say my most elastic expenditure would have to be shopping. I love to shop at least once every two weeks, but I do have a price limit. Once an item goes above a certain price I simply will not buy it no matter how much I want it. My least elastic expenditure woukd have to be gas. I use gas to get around and without it I wouldnt be able to go to work or school. So no matter what the price is I have to get it.
ReplyDelete-Cynthia Inchuarregui
When it comes to my monthly expenditures i would have the say going out to dinner is my most elastic demand. I enjoy going out to dinner with my boyfriend, but spending 50$ or more for one meal is out of the question. My most inelastic demand is gas for my car, although its about 3.25 a gallon its necessary so I may get to work, school, or anywhere else I may need to go
ReplyDeleteThe most elastic product is fast food you eventually spend little over five dollars everyday which is more than forty dollars in a week. It is better to buy groceries and start to cook nd bring lunch to school for yourslf to manage your money.
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ReplyDeleteThe most elastic expenditure for me would be fast food or food from out. Elastic expenditures are not necessities. When I have the money and want something to eat from out I can buy it, but if not I can always make something at home for cheaper. It all depends on me and my budget for that point in time. My most inelastic clause would be gasoline. For me, gasoline is a necessity and I have to buy it no matter how high the cost is because I need it to go to school and work.
ReplyDeleteI tend to have very elastic tastes. I have budgets set for most things and will rarely spend too much for one particular item. I am especially elastic with clothes. I will absolutely not buy clothing if it's even a little higher than what I want to pay for it. I am also very elastic about food. I only break this elasticity for special occasions or really good food. I used to have a very inelastic taste for starbucks, but then realized that I can get the same caffeine buz from normal coffee so I switched to that. The only thing I'm inelastic about is accessories for my bass guitar. Strings/repairs and such are things I don't mind spending quite a bit for because they're infrequent expenditures.
ReplyDelete-Nick Tellier
In my normal expenses I would say that dining is most elastic. If something is expensive at lets say Carls Jr., I would just head over to Del Taco and get something a little cheaper. I would say this is so elastic because there is food places everywhere (more instituitions), especially around campus. Something that would be inelastic for me is a "concert" ticket. This is because the exclusivity of the event and my desire to be there.
ReplyDeleteyea definitely food is very elastic to me. i don't have big preferences so i could easily go to mc donalds if jack in the box became pricier or vice versa. Something that would be inelastic or not very elastic for me is gas prices. I need gas either way so i am going to pay for it no matter what the price was unless they get to a ridiculous amount say 100% more then they are now. Especially since i dont personally pay for my own it makes it that much more inelastic( i use a gas card which is paid by my family)
ReplyDeleteMy most elastic expenditure would definately have to be eating out. It is really not a necessity for me to eat out when there is plenty of food in the house.(mom cooks =])My most inelastic demand would have to be CDs. I am willing to pay $15 for an original copy, when I can easily burn a copy for $2.
ReplyDelete-Jezabeth Salvador
I would have to say my most elastic expenditure would be buying clothes and shoes every month. Although it is nice to go shopping every month, cutting that habit could be very beneficial. My most inelastic demand would be gas. No matter how how high the price gets, you still have to buy it, I mean you could shop around and see if you could find it cheaper but then you would probably be stuck with cheap gas that burns fast.
ReplyDeleteThe most elastic thing in my budget would have to be gas. Even though this price is constantly going up the kind of gas i put in my car varies on the price. My preference for gas is either shell or mobile. To me, this gas is of better quality and usually lasts longer. If the price per gallon goes up to high reluctantly i will put in gas from arco.
ReplyDeleteAmanda M
the elastic demand that I normally have in my life is restaurants. when i see on the menu that a plate is more than $16 i refuse to get it. Sure it may sound good but I just I sometimes feel I can get four chicken sandwhiches for four dollars. The least would be gas because i always have to get it no matter what.
ReplyDeleteif i should cut down the expenditure, the most elastic consumption is eating out. i live on campus alone i eat out often. and the least elastic item is basic groceries and expenditure for schooling because i come from other country for study
ReplyDeleteThe most elastic thing i eat is the Rubios chicken taco. Its already $2.99 and if that rose any higher i would feel like thats crazy and would completely cut it out of my diet.(kinda like your Starbucks increase from 3.45 to 3.85). The least elastic or inelastic thing has to be gas. Like almost everyone said above and what the text refers to a lot is that everyone needs gas to get from point A to point B and there is almost no getting around it. But to switch up my inelastic choice ill go with a very very hot product. I guarentee that if the new video game Black Ops went to $100 instead of its $60 price there would be little or no loss in quantity sold. Same goes for the new edition of Madden each year, but mostly for Black Ops it works.
ReplyDeleteI tend to be very cheap haha so I have a lot of elastic items such as shopping for clothes, I stick to forever 21 and places like that. Food is another item especially since i started packing lunch to save a few bucks. Pretty much the only thing that is inelastic for me is gas, which sucks because that is what I need the most of since I tend to drive around a lot,especially out to covina and hacienda heights at least twice a week so I have no option there.
ReplyDeleteGreat, great posts! What is amazing (as we will all see next week) is this conversation is revealing several factors that can influence elasticity: availability of substitutes, proportion of income spent on the item, and time to respond to the price change. Plus, it's just fun to see what everyone spends their money on...
ReplyDeleteP.S. Nick--gear is always worth the extra $!
ReplyDeleteI am not a person who spends a lot of money so many of the items I buy are elastic. The most elastic item for me, however, would be what I get at a restaurant. There, I tend to get the cheapest, entree that I like, and I always just get water. The most inelastic item for me is books for school because I need them for the class, no matter how expensive they are.
ReplyDeleteThe most elastic monthly expenditure would have to be starbucks. I can make coffee at home but for some reason I NEED starbucks. My husband does not get it. My inelastic expenditure would be gas. No matter how much gas costs I still need to buy it because I live 55 miles away from school.
ReplyDeleteBecause I have a family of four, eating out is definitely one of the most elastic items in our budget. When there’s plenty of extra money, it’s not a big deal to stop and grab meals, or go out to eat. However, when other expenses go up, it is much cheaper to cook at home and it frees up money that can be spent on other less elastic items. Gas for the cars is definitely the most inelastic item for me. Driving is a necessity in my life and gas is something I cannot afford to live without.
ReplyDeleteThe most elastic thing in my monthly expenditures regarding price is going out to dinner. Because I eat most of my meals out I always look for restaurants with good happy hours. If a restaurant raises its price significantly, there is always an alternative or the option to cook at home. Another elastic thing is buying magazines. I usually buy a magazine whenever I'm at the grocery store, if the prices were to inflate, its something that I could live without. The most inelastic thing in my monthly expenditure with respect to price is gasoline or healthcare copays. When the price of gas reached all time high a couple summers ago, I had no choice because I needed my car to get to work/school and living in Minnesnowta, there isn't an alternative mean to getting around. Other inelastic things in my monthly expenditures are groceries, tuition, bills, etc.
ReplyDeleteThe most elastic item for me is food. I can spend a lot of money on fast food and it would be okay. fast food can become a lot more expensive and I would still buy. The price is already low so if it were to raise I dont think I would complain. as for the most inelastic it would be clothing. I would never pay more than 20 dollars for a pair of jeans. I am always looking for bargains. A tshirt that is more than 15 dollars is not the tshirt for me.
ReplyDeleteThe most elastic item i would have to say is shopping for me. I go out of my way and spend hours shopping looking for the best prices i could get on clothes. The same goes for my books for school. My inelastic item would be gas and grocery just because these things are a neccessaty for me. And gas helps me get from point a to b.
ReplyDeleteI have many elastic items but the most expensive one would be going out to dinner on the weekends. My inelastic item would be diesel for my truck. It takes about $80 bucks to fill up.
ReplyDeleteThe most elastic item(s) in my monthly budget is snacks and going out to eat with friends. In order to watch my spending I have a certain limit amount that I could spend. Or sometiemes, I my just have little baggies with just cereal as my snacks. If I spend money on snakcs that time, I tell myself not to go eat out for a couple weeks. Going to eat out with friends, we decided that we should have a BBQ more times than we go out to eat because it would be a lot cheaper. The inelastic item I consume every month is gas. No matter the price, I depend on gas because it takes me where I need to go such as school, grocery store, visiting friends and family etc.
ReplyDeleteDany Saroeum
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The most elastic item in my monthly budget would be eating out.In order to limit my spending on eating out i keep updates on my bank account statements, letting me know how much is left in my account. The most inelastic item in my monthly budget is gas. No matter what the price is at the gas station, it is a necessity for me especially when we live in a place where transportation by vehicle is vital.
ReplyDelete-Erik Ramirez
I think the most elastic item that I spend money on would have to be fast food. If it's too expensive then it's not happening. The least elastic item I spend money on would probably have to be either gas or rodents because no matter what the price of either, they have o be purchased.
ReplyDeleteI think for me shopping is my most elastic expenditure. I absolutely love shopping, but I do set a limit on my spending. Items have to be worth their price, for example if an item is set at $10 and I’m not going to use it more then 10 times, I will not buy it. My least elastic expenditure would of course be the basics like food, soap, things like that.
ReplyDeletehonestly i am a personal lover of chewing gum. it tastes amazing and turns my frown upside down. now if the price were to suddenly change i believe that i would definatley stop buying gum period for gum now is a lot for a few pieces. it should be 99 cents or lower if you ask me. with that said the demand for a toothbrush and a tube of tooth paste would go up for i would carry it around in lou of gum.
ReplyDelete-Joshua Tabera
i would have to say that my most elastic item would be food. when if i only have a certain amount of money i will go to the grocery store and buy precific items only if they are a certain price. If my budget allows it then i will eat fast food even if i have groceries at home --Oakford Gross
ReplyDeletei think that the most inelastic item that i purchase weekly is gas for my car. i nneed it to go to and from school so i am going to pay to fill up my tank no matter what the price is(but i will drive less on the weeked if ti is to expensive.) the most elasctic thing that i purchase is probably fast food because if i have to pay alot for something simple, i would much rather wait a little while longer and eat at home
ReplyDeleteMy elastic item i use is eating out i am willing to go get some fast food maybe once or twice a week but no more than 15 bucks a week. My inelastic good is probably my cell phone it costs lots of money consistently and if they raised the price I probably would stick with it only because its a necessity
ReplyDeleteKyle Brown
When it comes to elasticity on objects based on the price, the price of food matters when I go out. If i'm at Burger King and their whooper jr's price is no longer a buck I find myself going to McDonalds instead. However, when I go into to GameStop the prices are very inelastic to me. If i want the game i'll just get it despite the cost. The only factor that might change that is if they're charging full price for a game that's been out for several years.
ReplyDeleteThe most elastic thing on my budget would be food. I usually only tend to buy food if I think that it is cheap, and if I think that it is too expensive won't get it. The most inelastic item for me is gas because I pay for it even when I think it is too expensive.
ReplyDeleteThe item that is most elastic in my monthly expenditures would be fast food. If I'm hungry and I want fast food, price doesn't really matter to me because food is a necessity. The most inelastic item for me would be clothes. As soon as it reaches a certain price, I put it down and tell myself I'll "come back later to get it". Sometimes I do if it's on sale, if not, it doesn't matter to me, really.
ReplyDeleteElastic for me would be Shopping for the right price,if i don't believe a top is worth $15, then i look around at other stores for a better deal. As for inelastic would be my apartment, food, gas,cell phone no matter what the price is i'm willing to pay because i need it.
ReplyDeletefast food is elastic to me. i like to pay the least that i can so i can have money for other things that are more expensive and more important to me. so if the price of fast food went up i would stop buying it and use my debit dollars more. my cell phone is inelastic to me because it is a necessity to me. I like to be able to text, use the internet, and call my friends so i am willing to pay the price to use my phone
ReplyDelete-Luke Trudnowski
My most elastic type of item is any clothing item. If the price of cotton rose 10% (which raises all clothing prices), then I wouldn't buy any cloths and I would wait for the price to come back down or wait for black friday to shop.
ReplyDeleteOn the contrary, I am no where near the dependence of new cloths then I am compared to gasoline. If all gas prices rose then I am still going to need gas to get to areas where I can't walk. Gasoline is my least elastic item.
My most elastic item is Allure Magazine. I love to read it but if the cost were to rise any more than a couple of cents I wouldn't consider it important enough to keep buying. One magazine is about $4 and I don't have that much spare cash because I am a college student. My most inelastic item is snack bars. I rely on these for my breakfast because I don't have time to eat in the morning. If the price were to go up I would continue to buy them because I consider them a need.
ReplyDeleteDayna Wheatley
Things that i pay for on a monthly basis that would be most elastic would be my weekly meals at fancy restaurants with my girlfriend. Something that would be considered less elastic would have to be gasoline. I need gas to get to school,work,etc.
ReplyDeleteMy most elastic item is make up. For example, I refuse to pay $20 for a tube of mascara when I can pay like $7 instead. My least elastic item is food. I'm always going to need food, so no matter what the price is, I will pay for it.
ReplyDeleteThe most elastic item on my monthly expenses is driving back home because it costs me about $60 to fill up my car’s tank of gas. The least elastic demand on my monthly expenses are groceries, no matter how much the groceries costs I’m willing to pay for them so I can eat.
ReplyDeleteThe most elastic item for me would have to be my eating out. Say one of the restaurants here at school decided to raise the prices substantially enough where their item was no longer appealing to me i believe i can go to another store. The least elastic for me would have to be the gas i put in my car because no matter what i have to pay for the same amount of gas i use to drive from my house 2 school everyday.
ReplyDeleteThe most elastic item in my monthly budget is fancy restaurants, If I have to spend more than $300 amonth on fancy restaurants such as stakehouse or anything else, my demand for it drops and go some else like to the movies. The least elastic item I consume each month is gasoline because no matter how much it costs, I still need to keep gas in my car to get to school and work. And im not willing to walk.
ReplyDeleteThe most elastic thing for me would be candy because I don't need to have candy all the time. If the price goes up to a crazy amount I am not inclined to buy it. Something that is inelastic for me is gas. This is because that is a main mode of transportation for me when I am home and there is not good public transportation in Arizona. So I would probably cut down on driving if the price increased greatly, but I would still need to drive certain places.
ReplyDeleteFor me, college tuition is pretty inelastic because I need to go to college to get an education and a career that I will enjoy. Music is an elastic good for me because songs can already cost $1.29 and if they went up I wouldnt want to buy them as much. If one song on itunes cost $3.00 then it would be really expenise to me and I would be more likely to just listen to it on youtube.
ReplyDeleteAn item that I would consider to be elastic is Soda. Living on campus I do most of my shopping at Ralphs because of it's proximity to campus. At Ralphs soda prices fluctuate on a weekly basis. My favorite soda is Dr. Pepper. Last week in ralphs it cost 77 cents for one 2 litre. I purchased five of them. This week when I went back in they cost 2.25 for one 2 litre. I purchased one. When it is a better deal i purchase more of them and spent more money.
ReplyDeleteI would say that the most inelastic expense in my budget would be gas prices because regardless of how high the gas prices are I will still purchase gas. The most elastic expense in my budget would be fastfood because if fastfood goes up I would have to resort to eating food I have at home to save money. -Adrian Lozano
ReplyDeleteI would say that clothes is an elastic expenditure because I have enough, and an inelastic item would be gas because I drive my big bro everywhere and it's expensive...
ReplyDeleteMy elastic consumption would have to be fast food almost every day, if i were to limit my amounts in fast food i would have much money in pocket. My inelastic consumption is of course, gas with out it i would not be able to move around from place to place.
ReplyDeletefor me iwould have to say the fast food at campus because thats the only thing i ate for breakfast and lunch this would be my elastic comsumtion and my inelastic comsumption as mentioned alot of times before would be gas for my car beacause no matter what price i still need to buy some to use my car and drive everyday to school
ReplyDeletejorge m
My inelastic consumtion would have to be gas because without gas, my car is not happy. If my car is not happy, im not happy which means I wouldn't be able to go to school and work, and all of those other fun places inbetween. My elastic consumtion is helping out with the bills at home. Even though my parents would like me to pay more than one bill, I only help out with one, even though I am not forced to.
ReplyDeleteMy most elastic thing i would say is gum because i would not pay more than one dollar and twenty five cents for a pack of gum. My most inelastic consumption is gas because without it i would not be able to go to school and the places i like to go to.
ReplyDeleteConsidering my consumption, the most elastic expenditure is cosmetics for my skin. I usually want to get sun cream. Of course, there are cheap and good products. However, famous cosmetic companies have lots of good item not only sun cream but also goods for makeup. I usually believe their function so I can buy them. Besides, the least elastic item is bottled water. I usually drink four bottled waters for a day. This is an average. I often drink more than three bottles. At this time, I drink six bottles. Even if water price goes up, I cannot save it.
ReplyDeleteSora Ko
An item that is inelastic to me is milk, it is an everyday necessity, that is relatively low in price that I am willing to pay in order to enjoy my cereal each morning. Another would have to be toiletries; I like having my Dove Brand products that are again a reasonable price based on my budget. However, an item that I find to be very elastic is ice cream. Whether chocolate chip or not, I am not willing to pay for it once it goes from $3.59 to a price around $4.99, it is too high a price for a brand, especially when there are quality substitutes that offer two for $5.00.
ReplyDelete-Susan S
The most elastic thing for me might be the price of soft drinks. The most inelastic item in my budget is beer. Soft drinks are not a necessity but beer is. Price of susbstitutes for beer do matter
ReplyDeleteSomething that inelastic for me is the candy Twizzlers no matter if the price of the substitute good of Red Vines is lower I still choose Twizzlers, also if the price of Twizzlers decrease I still would by the same amount it would not change. Something thats elastic for me would be certain clothes I wear. If I'm used to going to that store and only paying a certain price whether the price increases or decreases.
ReplyDeleteBrittany McSwain
The most elastic good that I buy would have to be coffee; while, I really enjoy a Starbucks coffee if the price were to increase anymore that a dollar I could do without it. The most inelastic thing for me would have to be gas (like most people) because I need to commute to school and work on a daily basis and there is no way I could walk or use alternate transportation.
ReplyDeleteJustin Miller
the most elastic good for me is concert tickets. if im not close up to them, i will not pay more than $50. something that is inelastic for me is gas because i need gas in order to go places.
ReplyDeleteI wish that my consumption habits would be more elastic in respect to price in many things. Maybe I would then be able to save more money since prices are always continually rising and I just continue to buy. I would have to say the cost of seeing a movie in the theaters is elastic for me. I always am able to resist the hype of seeing a moving when it first comes out because I do not want to pay ten dollars for an hour and a half of entertainment. Something that is very inelastic for me would be the cost of gas like a lot of people. I enjoy driving my big truck and gas is one of those complements that must be paid in order to have that luxury.
ReplyDeleteConsidering my consumption habits, i would say eating out would be most elastic. I am very picky on price, so if some of the value menu items start to raise in price, i quickly decide that i'm not going to pay for it and take myself elsewhere. The least elastic item would have to be gasoline. No matter what the price is, i still have to get back and forth to where i need to go.
ReplyDeletemy consumption habits are usually very elastic. i usually look for the price before i check the quality of the product. my most elastic consumption is the movies. i go to the movies twice a week to entertain myself. if the price of the tickets increased, i would cease going, because i believe it is not worth to spend a lot of money on movies, and there is too many ways to gather entertainment. my least elastic consumption would be internet. internet is very essential to my life. i am a facebook addict :P, i do my homework only, get reseaches, keep myself updated, chat with my old friends... i can t imagine my life without internet.
ReplyDeleteThe item I use in an elastic manner is nike shoes because if they are cheep i will buy if not i wont.
ReplyDeleteSomething I purchase inelasticly is my asthma treatment. I have to breath I will spend what ever to get my treatment.
the item in my monthly budget that is most elastic is the price of subway, this month all subs are $5 so i am able to fit subs into my budget for this month but they are usually more expensive than that, and the item that is least elastic in my budget is gasoline becuase i will always have to buy that
ReplyDeleteThe most elastic is coffee. I can choose to go to Starbucks which I need spend about $4.45 for a cup of coffee, my demand may drop when I choose to made it my own even it's not that taste. The most inelastic item for my monthly budget is Wi-Fi, because no matter the price changes or other reason, I need use it to finished my assignment.
ReplyDeleteThe most elastic product of consumption for me is water. If i can get water from a water fountain for free instead of bottled water I will. The most inelastic product for me would be medicine because you can't really be cheap with your health if you want good health.
ReplyDeleteThe most elastic product in my consumption would be anything edible. To me, food is food. as long as it fills my stomach up, I'll get the cheapest out there. The most inelastic product i consume is gas. Gas is inelastic to me for two reasons. First of all I don't like to put cheap gas is my cars and second, its a necessity to get to school and work. Gas prices are something i never look at.
ReplyDelete-Eric Cisneros
The most elastic product for me is most likely snacks from 7 11. I mostly buy them on the weekend when I get hungry later at night and don't want a full meal, but if the prices of those snacks were to go up above about $2 or $3 per item, I would most definitely stop buying them. And for me, like many other people, gas is most inelastic, because I don't really have a feasible substitute and if prices were to go up I would still pay for it.
ReplyDeletesThe item I use as elastic is nikes,vans, clothes and hats because if they are cheep i will buy them specially if they are named brand and fly.
ReplyDeleteSomething I purchase inelasticly is gas and food need those.
The item for me that would most elastic would have to be energy drinks if they went up about another dollar or two I would definitely stop buying them. My most inelastic item would most likely be my food form the commons or plaza because no matter what I need it.
ReplyDeleteMy most elastic demand item has to be snack food and fast food meals. If the price on those went up in any amount more than say maybe
ReplyDelete$1 i would probably go broke. My most inelastic would have to gas because I need to keep gas in the tank to drive around.
Charlie Newton
To me clothing items and shoes are elastic. I usually will only buy things when they are on sale because regular price is too much if I know that someday they will be on sale. If I am hungry, I would have to say that food is inelastic, because if I'm hungry I am going to eat.
ReplyDeleteMy most elastic thing for me would have to soda because I don't buy it if is isn't on sale. The thing that is inelastic for me is gas because i need gas to go to work and school.
ReplyDeleteBrian Linton
I believe video games have become most elastic since I do not have time for them now the higher the price the less I will be willing to buy since I have no time. The most inelastic would be shoes because I tend to collect shoes, it would effect me an anyway if price increased or decreased.
ReplyDeleteChaun Calvin
For me the least elastic item is probably food from our school. Since I usually buy from the commons or plaza during the week, I usually will purchase whatever I want while not factoring in the cost. As for the most elastic items in my expenditures I try and watch how much I spend on meals on Fridays and Saturdays because I usually don't go to the commons on either of those days.
ReplyDeleteFor me, the least elastic demand is gas, it does not matter how high the prices go i still need to get around to school and work. of course, i might not leave school during breaks and not drive as much. The most elastic demand for me is clothes, i dont like paying more than $20 for a shirt and i know thats shocking for some of the shoppers but i love hitting the clearance racks, and if its more than $20 the demand drops a lot for me :)
ReplyDeletei would have to say my least elastic demand is gas. If i could go without needing gas life would be so much easier. unfortunately its a necessity. my most elastic demand would have to be buying fast food. I have to eat and we never have food so thats where all my money goes.
ReplyDeleteasyia romain
I think my most elastic demand is clothing. I have plenty of clothes and I do not need to buy more but I just like to. If my budget were to be cut then I would definitely cut out new clothes first. My least elastic demand is food. Although I am fed at the commons, I still find myself needing to make trips to the grocery store. If my budget were cut, I would still go to the grocery store and buy what I need.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteWithin my monthly budget, one of my inelastic items is skin care product unfortunately I will pay whatever the price is I have very sensitive skin and this is the only skin product I trust in total it cost me 90 dollars it last 2 months but I really hate going to the mall and buying it but I need it. One of my elastic needs is fast food I don't even buy it another more because I can get home cook meals and taking it to work instead of spending 5 dollars at a burger place.
ReplyDeleteWithin my monthly budget my most inelastic item would have to be food on campus. I am on campus daily for the entire day, but I refuse to buy anything due to the high prices, especially when I can bring something healthier and less expensive from home.
ReplyDeleteBreanna Montoya
I think the most elastic things in my budget is fast food and clothing. with fast food i can always cook rather than go buy a 6$ meal [ im just lazy ;) ] and with clothing some clothes are not a "need" rather a "want" and its possible to just buy less and at cheaper prices. The most inelastic is gas because it is a "need" i need gas to run my car and get to destinations.
ReplyDeleteMy least elastic product is gasoline. I drive between 50 and 80 miles on any given weekday for both school and work so it is not a product I can give up. The alternative to this would be either an electric car or the legs of a world class cyclist. I do not have money to invest into the former and I do not have the time to invest in the latter. Gasoline is so inelastic that I pay whatever the price is and I have to look into a smaller displacement engine for my car. The most elastic item on my monthly budget is entertainment. The first things to go when my check is small are video games, music and DVDs.
ReplyDeleteI will not buy a pair of jeans that cost more than $40.00. I try to shop for my clothes when they are on clearence. I try to see the special for the groceries. But gas and food you just have to buy in order to survive and be able to comute. I need gasoline, I commute from Perris to San Bernardino basically all week. Not much I can do their.
ReplyDeleteMy most elastic demand would probably be food because I have many options. If I have money to pay for food outside of the UoR then i will probably go off campus to eat. If i'm low on money ill just eat at the Commons. My most inelastic demand would definitely be gas when i'm back at home with my car but at college I would say it's cigarettes because when the price rises its usually only by about ten cents.
ReplyDeleteWith respect to price, my most elastic demand would most likely be food. If I can find good cheap options and have money I will go off campus, but when prices are much higher, I will just go to the Commons. Obviously we need to eat, but if prices were to rise I would just go for the cheaper option. My most elastic demand would probably be clothing. When shirts and jeans rise above a certain point I don't need (and should not) buy them. I try to shop mostly on clearance and if I don't find any there I probably won't buy anything.
ReplyDeleteMy most elastic good in terms of my budget is food. Since I have my redlands debit dollars, I never pay more than 7 dollars for food off campus (if even). My most inelastic good is banjo strings. I have no choice as a musician about buying them or not; I need them to play. I will always buy them when I need them.
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