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#62
11-06-2007, 09:25 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
econometrics is fun and easy if you are a stats oriented person
im in advanced econometrics right now, which is a lot more difficult, but the stuff you can do with it is pretty damn cool milton friedman is like marx to some austrians lol 
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#63
11-06-2007, 09:25 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
i am supposed to be an economics major, but will not help you because I do not go co class and therefore have no idea what you are talking about. good luck though
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#65
11-06-2007, 09:27 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
[ QUOTE ]
i have officially spent more time in this thread than i have spent studying for my midterm [/ QUOTE ] bbv4l can do that to you
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#66
11-06-2007, 09:29 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
[ 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 ] Even that is not perfectly inelastic. If insulin is a billion dollars per dose, I guarantee you will consume less than if it is $10 per dose, even if you are diabetic. The important thing about elasticity of demand is that if you are in the inelastic portion of the demand curve and raise prices, you increase revenue, while if you are in the elastic portion of the demand curve and raise prices you will decrease revenue.
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#67
11-06-2007, 09:30 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
[ QUOTE ]
econometrics is fun and easy if you are a stats oriented person im in advanced econometrics right now, which is a lot more difficult, but the stuff you can do with it is pretty damn cool milton friedman is like marx to some austrians lol [/ QUOTE ] I was going to post, "Not really", but then I thought about it and yeah, pretty much.
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#68
11-06-2007, 09:31 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
[ QUOTE ]
econometrics is fun and easy if you are a stats oriented person im in advanced econometrics right now, which is a lot more difficult, but the stuff you can do with it is pretty damn cool milton friedman is like marx to some austrians lol [/ QUOTE ] I thought chicago and austrian school were fairly close and stuff? I don't know much about the chicago school tbqh but from what i've read about the austrian school an stuff i really like how they approach things. also, abolish the fed. that is all. microlollaments, etc.
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#69
11-06-2007, 09:39 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
[ QUOTE ]
[ 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 ] Even that is not perfectly inelastic. If insulin is a billion dollars per dose, I guarantee you will consume less than if it is $10 per dose, even if you are diabetic. The important thing about elasticity of demand is that if you are in the inelastic portion of the demand curve and raise prices, you increase revenue, while if you are in the elastic portion of the demand curve and raise prices you will decrease revenue. [/ QUOTE ] true, I dont think anything is perfectly elastic. I was just giving the nearest example I could think of quickly.
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#70
11-06-2007, 09:40 PM
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Re: ZOMG MICRO ECONOMICS WTFFFF
[ QUOTE ]
[ 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 ] Even that is not perfectly inelastic. If insulin is a billion dollars per dose, I guarantee you will consume less than if it is $10 per dose, even if you are diabetic. The important thing about elasticity of demand is that if you are in the inelastic portion of the demand curve and raise prices, you increase revenue, while if you are in the elastic portion of the demand curve and raise prices you will decrease revenue. [/ QUOTE ] qft this last part is the only thing i've ever really seen on exams relating to this concept
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Linear Mode
