It was great to see a face to go with the voice I've been listening to in all your videos. ;-) Would being able to choose among several different neighborhood gas stations count as having substitutes? In Hawaii, a lack of competition creates prices that go up with supply costs but never go down with supply savings (eg, crude oil prices decrease). Honolulu Star-Bulletin, "Gas goes up, stays up"
@seadragon36 Yes; that would be narrowing the definition of the demand you are looking at to the demand for gas at one station (which is much more elastic than overall demand for all gas in the market).
It was great to see a face to go with the voice I've been listening to in all your videos. ;-) Would being able to choose among several different neighborhood gas stations count as having substitutes? In Hawaii, a lack of competition creates prices that go up with supply costs but never go down with supply savings (eg, crude oil prices decrease).
I love this woman---she has helped me with my Survey of Economics course in college sooooo much! In fact, on the first test I got the highest score in the class. Thank you, thank you, thank you Doc!!
I had a door salesman yesterday, trying to sell electricity/gas. He couldn't tell me why the taxes on gas->heating were %wise higher then the electricity taxes.
It's simply the Elasticity of the good that determines how high the taxes can go, and thus the inelastic good 'Gas for heating' is most % taxed, where's electricity you can try and safe some here and there.. it is not possible with gas (unless investing in it).
ur demand will be inelastic........thanks for taeching me!
TheHassaan1 2 weeks ago in playlist More videos from mjmfoodie
It was great to see a face to go with the voice I've been listening to in all your videos. ;-) Would being able to choose among several different neighborhood gas stations count as having substitutes? In Hawaii, a lack of competition creates prices that go up with supply costs but never go down with supply savings (eg, crude oil prices decrease). Honolulu Star-Bulletin, "Gas goes up, stays up"
seadragon36 3 months ago 2
@seadragon36 Yes; that would be narrowing the definition of the demand you are looking at to the demand for gas at one station (which is much more elastic than overall demand for all gas in the market).
mjmfoodie 3 months ago
It was great to see a face to go with the voice I've been listening to in all your videos. ;-) Would being able to choose among several different neighborhood gas stations count as having substitutes? In Hawaii, a lack of competition creates prices that go up with supply costs but never go down with supply savings (eg, crude oil prices decrease).
seadragon36 3 months ago
Thank you.... U r helping us
AliSabhan 6 months ago 2
Wow, how nice to see you Doc!
navigatro 7 months ago
hi!! can you do a video on characteristics and all about elasticity of supply? i just cant put myself into sellers shoes! Thank you!!~
ladysuzaku90 7 months ago
These videos are soooo helpful, it just makes the reading part jump off the page and make more sense.
mmmarkym1975 7 months ago
I can see myself going to your videos throughout my entire college career and beyond!
Mojoman1 7 months ago
It appeared as though you selected mid-grade gas vice the lower price gas. with the economy the way it is, what made you choose the grade you chose?
mtmassociate 9 months ago
finally i see her haha you helped me alot!
jochoi94 1 year ago
I love this woman---she has helped me with my Survey of Economics course in college sooooo much! In fact, on the first test I got the highest score in the class. Thank you, thank you, thank you Doc!!
joyce8177 1 year ago
I never knew she was a doctor. It's weird putting a face to the voice, like all those economics video's where their is just drawings.
Thanks for your help & keep it up mjmfoodie! :-)....arhh!!!! this reminds me i've got my finals in a month :S
heinzz93 1 year ago
So inelastic as an iron bar!
I had a door salesman yesterday, trying to sell electricity/gas. He couldn't tell me why the taxes on gas->heating were %wise higher then the electricity taxes.
It's simply the Elasticity of the good that determines how high the taxes can go, and thus the inelastic good 'Gas for heating' is most % taxed, where's electricity you can try and safe some here and there.. it is not possible with gas (unless investing in it).
FFMSmit 1 year ago
Your demand for gasoline = Price Inelastic!
LinesAndSquiggles 1 year ago