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by kazinator 944 days ago
But then, the following example with elephant tusks doesn't fit the narrative of an alternative situation to elasticity, because elephant tusks are not inelastic; they are nicely elastic.

Inelastic items are:

- things that are dirt cheap, so nobody cares how much they exactly cost, like 5 cents versus 10 cents for a candy.

- things that people desperately need, and for which there is no alternative, so they fork up the money when the price is jacked up.

Poachers cannot do anything that will keep the demand the same while prices go up due to low supply due to ivory not being an inelastic good.