Comments on: The Demand for Seafood in the U.S. http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/ What is seen and what is unseen. Mon, 23 Jan 2012 16:26:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: morris.coats http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/comment-page-1/#comment-2027 morris.coats Fri, 11 May 2007 18:03:53 +0000 http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/#comment-2027 Sorry Geri, When demand is elastic, price and revenue move in opposite directions. Here prices went up, so revenues and spending on seafood would have to come down if the overall demand for seafood were elastic, but, according to the article, spending on seafood has gone up, signaling an inelastic demand. The demand for any one seafood supplier is still elastic, but the market demand is inelastic here. MC Sorry Geri,

When demand is elastic, price and revenue move in opposite directions. Here prices went up, so revenues and spending on seafood would have to come down if the overall demand for seafood were elastic, but, according to the article, spending on seafood has gone up, signaling an inelastic demand. The demand for any one seafood supplier is still elastic, but the market demand is inelastic here.

MC

]]> By: Geri Morris http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/comment-page-1/#comment-2017 Geri Morris Fri, 11 May 2007 01:02:42 +0000 http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/#comment-2017 If the demand for seafood remained steady but americans paid more this year, then you have to conclude that the supply went down therefore, this does not violate the law of demand. With a rise in the price of seafood for American consumers we will see a relatively more drastic reduction in quantity consumed due to the high price hence elasticity of demand. The suppliers can control the price of seafood based off the supply of seafood so the demand for seafood in the U.S. is elastic and the price for seafood in the U.S. is elstic. If the demand for seafood remained steady but americans paid more this year, then you have to conclude that the supply went down therefore, this does not violate the law of demand. With a rise in the price of seafood for American consumers we will see a relatively more drastic reduction in quantity consumed due to the high price hence elasticity of demand. The suppliers can control the price of seafood based off the supply of seafood so the demand for seafood in the U.S. is elastic and the price for seafood in the U.S. is elstic.

]]> By: Morris Coats http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/comment-page-1/#comment-1367 Morris Coats Thu, 01 Mar 2007 06:08:08 +0000 http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/#comment-1367 Bryan, You need a little more there. There are two ranges of elasticity, one termed elastic and the other, inelastic. In the elastic range, the elasticity measure is greater than one and in the inelastic range, it is less than one. Right between the two, elasticity equals one, and it is called unitary (just meaning one) at that point. So, in this case, which is? Hey, answer this after your exam tomorrow and after you have had a chance to read the chapter on elasticity. MC Bryan,

You need a little more there. There are two ranges of elasticity, one termed elastic and the other, inelastic. In the elastic range, the elasticity measure is greater than one and in the inelastic range, it is less than one. Right between the two, elasticity equals one, and it is called unitary (just meaning one) at that point. So, in this case, which is? Hey, answer this after your exam tomorrow and after you have had a chance to read the chapter on elasticity.

MC

]]> By: Bryan Samaha econ 255 http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/comment-page-1/#comment-1361 Bryan Samaha econ 255 Thu, 01 Mar 2007 02:44:52 +0000 http://www.nicholls.edu/bastiatsbastions/2007/02/26/the-demand-for-shrimp-in-the-us/#comment-1361 I believe that this does not violate the law of demand and futhermore it is showing that behavior of elasticity I believe that this does not violate the law of demand and futhermore it is showing that behavior of elasticity

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