I've been meaning to blog on an article for the past couple of weeks but just have not had the time. I have a few moments while one of my summer classes are taking an exam so I will try to do it now.
The article in question is from The Wall Street Journal. It discusses how buying patterns have changed among the wealthy as a result of the recent recession. It offers a chance for you and your students to discuss some non-price determinants of demand. How are non-price factors such as tastes, income, availability of substitutes/complements, expectations, and the number of buyers reflected in the article? You can also use it to discuss the price elasticity of certain goods. What are your thoughts?
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