March 08, 2009
Income Elasticity of Demand: Shoe Repair and Pawn Shop Edition
From today's Rome News-Tribune:
The economic slowdown in recent months has had more people pinching pennies wherever they can. That trend has kept shoe repairmen and pawn shops busy.
Here's a previous entry on Miller beer; here's a similar article on Spam, my favorite example of an inferior good. (A personal Spam story: My first semester teaching I must have belabored the example of Spam as an inferior good b/c at the end of the semester a student gave me a Spam t-shirt. The student, if I remember correctly, was the daughter of (in?)famous professor Stanley Fish who was then at Duke.)
Posted by E. Frank Stephenson at 03:24 PM in
Economics