Inelastic And Elastic Products Essay

1689 words - 7 pages

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, an amount of acuteness that helps me understand my role in the economy and the workings of this intricate result of human civilization. I try to distance myself from current waves of opinion that assert the need to buy a certain good regardless of price. Instead, I attempt to objectively look at my circumstances and determine what it is that I absolutely need and what I would prefer to have but could not spend overmuch sums on. I do my best to act as an informed consumer, but I realize that some items simply are of too much importance to be considered for elimination based on a price increase.
One of the items that I know I will never have qualms about purchasing is insulin for my dog, Angel. She was diagnosed with diabetes in 2010, and my parents and I have been obligated to inject her with the insulin each morning and evening since that time. With the assistance of the insulin, Angel has been able to maintain a healthy weight, and she has now returned to her normal, hyper, happy self. Despite a grim prognosis at the outset, which involved our being told that we could not expect her to live more than one and a half to two years, she is already well on her way to her eleventh birthday, more than three years after her...

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