Without further ado I present Meat-o-nomics 2008…
G-man: Anything exciting going on this weekend?
P-vo: Dc tonight for happy hour to meet an old roommate. Working on an econ mid-term all day tomorrow. Tomorrow night going to dc to meet another old roommate then to adams morgan.
G-man: econ mid-term, eh? I got a good thesis topic for you.... Quantify the elasticity between El Crank (Spanish for the Crank—note Spanishification added by T-15) and the national hot dog supply.
P-vo: I wish all test questions were that easy. El Crank has an extremely high price elasticity of demand when it comes to the consumption of hot dogs, i.e. if there is a large change in price in hot dogs, the quantity desired changes drastically. I would consider there to be a price ceiling on this elasticity however, I can only imagine El Crank at the grocery store looking at a $10 package of hot dogs, shaking his head and exclaiming “$10 for a package of hot dogs! I’ve never paid $10 for a package of hot dogs!” At this point we would need to discuss the availability of and his propensity to consume substitutes…but that would be an entirely different lecture altogether.
El Crank: I don't think you can have an educated discussion about Economics without the use of Charts. See attached.
P-vo: What would have been real funny is if the curve were constructed out of an actual hotdog. It is interesting to note that the curve never touches the x axis, meaning the crank's demand for hot dogs never reaches 0, thus destroying the concept of diminishing marginal utility and utterly blowing my mind!
T-15: Asketh and ye shall receiveth!
Ok technically speaking that is not a hot dog. Likewise, technically speaking I am no graphics designer wiz.
Eitherway, a meat product curve is a meat product curve.