Thursday, June 28, 2007

More evidence for a downward sloping demand curve

When I was teaching I often heard the canard, "Gas is so essential it doesn't have downward sloping demand."

Here is evidence to the contrary. Not in any way rigorous, but fairly convincing to a college sophomore!


petesky said...

I'm estimating milk demand systems right now for wholemilk, low fat, 2%, organic, rbst and others.... I better come up with the appropriate parameter signs otherwise I'm screwed....hehehehehe

DJB Rizalist said...

Say, is that cute little person "Microeconomics"?