8to24 t1_iuxgm6u wrote
Reply to comment by YovngSqvirrel in Why a Blue check mark is now $8 on Twitter and Elon Musk's Next Steps - A piece of speculative business non-fiction by BandicootKind705
>You can choose to live somewhere like a city to reduce your personal use of gas, but you would still use the same amount each month,
Tens of millions of people don't own cars. They pay nothing for Gasoline.
YovngSqvirrel t1_iuxi5vg wrote
A good's price elasticity of demand is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others.
The fact that millions of people don’t use gas has nothing to do with price elasticity. Are you buying more gas when it becomes cheaper? Are you buying less gas when it is expensive? No. So the good is inelastic.
Xeran69 t1_iv1zz7j wrote
That's probably the best way to explain it good shit man.
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