Sympathy for the Devil
Media Type: TV Clips Topic: Supply & Demand, Elasticity, The Firm
- Dig This?
Like it? Share it!
One Tree Hill
Sam buys several items from the vending machine at $0.50 and sticks her chewed piece of gum on the coin slot, forcing the next student who wishes to use the vending machine to buy from her instead of the machine. Sam then raises the price to $2. The next student pays $2 for the bag of chips as he has no other option other than to not buy a snack at all -- illustrating relatively inelastic demand. Sam explains to Jamie that the profit is $1.50.Available on iTunes Available on Amazon.com
- Your Thoughts
- Was this helpful to you? (5 votes)
- Related Content