Essay on Inelastic and Elastic Products

Essay on Inelastic and Elastic Products

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I have had experience with the differences between elasticity and inelasticity in products that I regularly see and purchase. I know how certain marketable products such as food and appliances are priced such that they, in some sense, gauge current consumer demand for them. For example, a new book oftentimes is initially valued at a significant price, perhaps somewhere around thirty dollars depending on the projected popularity of the book; however, the price of the book will often lower or maybe even increase, though this is a rare circumstance, as time passes and preliminary customers, having purchased the book, offer their reviews, whether they are deprecating or acclaiming, and the price of the book will often then correspond to either this rise or decrease in popularity and approval. Though I know that many people around me, including members of my family, may feel that they cannot live without, for example, chocolate or the newest music or video game regardless of the fluctuating prices of such items, I do not, normally, feel this way. My relatives say that I have inherited my Dad’s meticulous skepticism and rationality, and, as a result, I question each purchase, each decision, that I make before it is done. I want to be certain that I am making the correct decision. The price of the item that I happen to be considering at a given moment is only a partial factor in my ultimate conclusion, for I also take into account the importance of the purchase, what the intended outcomes will be of that purchase, whether I truly need the item, and other things of this sort. Though I am most certainly not an economist in relation to the education necessary to be so certified, I do make the attempt to perceive the world with, as a minimum...

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...s over time, I will buy it. Though I realize that books are not absolutely essential to a person’s survival, they are things that are central to my life; nonetheless, I am not as immune to material considerations as to be unable to understand the importance of money in relation to whether I may call a book mine. Having a book advertised so exorbitantly does detract from my willingness to buy it, so I would classify most books, excluding textbooks which are often necessary, as being elastic purchases for me. There are alternatives to purchasing books in that I may read information on accessible websites, rent books from the library, or engage my time in some sort of technological amusement, so, unfortunate as it is, books are elastic purchases because there is a certain range of pricing that I and the books that I buy need to adhere to in order to receive my demand.

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