This is sort of funny. My son is taking a micro economics class at the prestigious University of Central Florida. He read a question to me today for his home work. I am paraphrasing.
Is crystal meth a product with elastic or inelastic demand?
If the price of meth goes up would a casual meth user pay more or shift to another drug?
I was like wait? What? Is there such thing as a casual meth user? I believe you could be a casual pot user or casual drinker, but meth? I tend to think you're all in on meth or you're not. It's like being sort of pregnant.
I do find the use of meth as a product to discuss elastic or inelastic demand kind of bizarre. It's funny in one way but kind of tragic in another. I am not protesting or calling UCF here. I am sort of surprised though to use an illegal highly addictive drug which is only behind fentynal used by people, especially where I live, to illustrate the difference between elastic and inelastic demand.
Is crystal meth a product with elastic or inelastic demand?
If the price of meth goes up would a casual meth user pay more or shift to another drug?
I was like wait? What? Is there such thing as a casual meth user? I believe you could be a casual pot user or casual drinker, but meth? I tend to think you're all in on meth or you're not. It's like being sort of pregnant.
I do find the use of meth as a product to discuss elastic or inelastic demand kind of bizarre. It's funny in one way but kind of tragic in another. I am not protesting or calling UCF here. I am sort of surprised though to use an illegal highly addictive drug which is only behind fentynal used by people, especially where I live, to illustrate the difference between elastic and inelastic demand.
