2. Substitute: "Vans go out of business, twice as many Chuck Taylors being sold."
3. Elastic: "Coke raises price of Coke Zero to $5 a liter. All sales stop."
4. Inelastic: "Flu Shot prices raise to $100 per shot. Families save and scrape every penny."
Inelastic: I visited a local children's clinic after catching
wind of the new flu shot prices. To my surprise, there were just as many
families in line for the shot. Even at one hundred dollars per prick, parents
know the importance of the life saving shot. Until recently, flu shots have
been little to no cost. They were available at all doctor’s offices and almost
all grocery stores. It was impossible to almost not get one. And to many people’s
disbelief, there are still just as many locations and people willing to pay one
hundred dollars to vaccinate themselves and their children. “It’s just a
necessity for my children,” one mother said as she waited in line at the
clinic. “Children spread germs around so easily at school that kids are almost
inevidable to catching diseases, but the flu, at least, can be prevented.” Overall,
regardless of the drastic price change in the price of the flu shot, it remains
a major necessity to families all over America. Thus making the flu shot
extremely inelastic and necessary.
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