This feels like a class warfare on eggshells thread! I see lots of baiting, but I’ve hijacked enough threads to take the bait.. I’ll make a positive contribution.
Who wouldn’t want to pick the “best” thing for their kids.. whether, people will actually take the steps necessary during crunch time?
Price elasticity of demand
From Wikipedia, the free encyclopedia
In economics, the price elasticity of demand (PED) is an elasticity that measures the nature and degree of the relationship between changes in quantity demanded of a good and changes in its price.
An example of a good with a highly inelastic demand curve is salt: people need salt, so for even relatively large changes in the price of salt, the amount demanded will not be significantly altered. Similarly, a product with a highly elastic demand curve is red cars: if the price of red cars went up even a small amount, demand is likely to go down since substitutes are readily available for purchase (cars of other colors).
