tag:blogger.com,1999:blog-1735628051336217048.post8380788404451183734..comments2024-02-24T04:08:30.728-05:00Comments on MV=PQ: A Resource for Economic Educators: Inflation, Real Income and Calorie CountingTim Schillinghttp://www.blogger.com/profile/09159198592921510105noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1735628051336217048.post-78649120438138932192008-06-16T19:52:00.000-04:002008-06-16T19:52:00.000-04:00This might be a stretch for all areas of food. The...This might be a stretch for all areas of food. The main price increase has occured in corn and rice, which are mainly lower-income foods. Though they can play a part in more elegant meals, the largest drop in quality of food should be seen in the lower classes as their food prices will be hit hardest. The upper class, however, generally dines on foods that have not experiences enormous inflation recently, so although their real income may have gone down, the food prices for them will not change much and they will "buy less other stuff" because of the prices of those goods, not due to food prices. The real concern of this price spike should be those third-world countries who have felt the brunt of the food shortage, as their aid has now almost doubled in price. With the economy in a slow stretch, donations will surely decrease, making food much harder to be given to those in need.Jon Goldhttps://www.blogger.com/profile/07497768347327250676noreply@blogger.comtag:blogger.com,1999:blog-1735628051336217048.post-43986484496745906852008-06-11T22:06:00.000-04:002008-06-11T22:06:00.000-04:00I'm no Expert or anything but i don't see any flaw...I'm no Expert or anything but i don't see any flaws in your connections. If food prices do, in fact, increase then majority of the people have to choose from (1) buy less food; (2) buy less other stuff; (3) buy the same quantity but purchase lower quality. however, this isn't too important but when most people, especially in third world countries, experience increases in food prices they usually choose to give up there wants, not there needs. Which leaves them with one option, option number (2). Overall, i agree with you on the connection.Anonymousnoreply@blogger.com