ZOMG MICRO ECONOMICS WTFFFF

[Borodog]

Lol@shocks

[NT!]

so in austrian theory, what you are saying is,


???

[Borodog]

"Shock" is just a goofy piece of terminology, that's all. It just means "change" but sounds more . . . shocking.

[NT!]

oh ok. well that's how we roll here, we are all about shock and awe and stuff.

update: so far i have spent 3 minutes studying for this test.

[wdead]

yea my explanations of elasticity were really poor. but its simple i know, just changes in quantity demanded over price changes. im bad at examples sometimes.

[wdead]

[ QUOTE ]
wdead you seem confused with regards to price elasticity and in the process are confusing me. It has nothing to do with producing more land or ice cream.

If the price goes down, people will demand more (hey at less $ per acre I will buy more acres). If the price goes up, people will demand less. Thus it is not inelastic.

The closest to perfectly inelastic would be like insulin, since no matter what the price if you need it to live you will consume the same amount.

[/ QUOTE ]

Also, you are talking about demand elasticity. Supply elasticity has to do with how suppliers change their output based on price changes. If the price of ice cream changes, ice cream suppliers will adjust. However, when the price of land changes, there is no supply to change, so land demand is a classic example of inelastic price elasticity of supply

[Borodog]

[ QUOTE ]
when the price of land changes, there is no supply to change,

[/ QUOTE ]

Wrongo. Do you see why?

[mbillie1]

lol that the guy with the * is the first one giving srs hlp

<3 bbv

[DannyOcean_]

[ QUOTE ]
[ QUOTE ]
when the price of land changes, there is no supply to change,

[/ QUOTE ]

Wrongo. Do you see why?

[/ QUOTE ]

Don't they make land in teh netherlands and such?

Also, borodog pwns at austrian economics.

[Ron Paul]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
when the price of land changes, there is no supply to change,

[/ QUOTE ]

Wrongo. Do you see why?

[/ QUOTE ]

Don't they make land in teh netherlands and such?



[/ QUOTE ]

Yeah but that's not what I'm talking about.

Edit: Oh noes I outed mah gimmick.