Quote:
Originally Posted by Rich
Inelastic demand. And he did use it correctly. Young is an attorney, BTW. He went to law school during the winter semesters between football seasons while he was backing up Joe Montana.
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First, I said he was "on the money," which means he used it correctly. I can't quite tell from your post whether you intended to correct me.
Second, Young's business finance undergraduate major is more likely than his law degree to be the source of his understanding of inelasticity.
And third, we're both wrong: properly used, 'inelastic demand' refers to stable demand in the face of price changes, not product quality changes.
Perhaps he's invented a new kind of inelasticity.
