Oct 05 2010

From heart transplants to watermelons: Understanding price elasticity of demand

Consumers are interesting creatures to study. Economics offers us a unique set of tools for understanding the behavior of consumers in various markets. Elasticity is one of those tools, one which helps us understand how consumers will respond to the change in price of some goods more or less than others. Some of the questions about consumer behavior elasticity helps answer are:

  • Why do governments place such huge taxes on cigarettes?
  • Why did Apple cut the price of the new iPhone in half from the original one, despite the fact that it had so many new features?
  • Why do movie theaters seem to raise their prices so steadily over the years, rather than doubling the price of tickets each year?

These and other questions can be answered by knowing something about the relative price elasticities of demand for the goods in question. Price elasticity of demand refers to the sensitivity of consumers to a change in price. For some goods, even the slightest increase in price will scare consumers away, while for others, price can go up and up and up and the quantity demanded won’t budge!

Here’s just one illustration of a good for which consumers are extremely sensitive to changes in price: Every autumn, around the city of Shanghai thousands of small farms harvest the Chinese watermelon, a small, green, juicy melon that looks and tastes the same regardless of which farm it came from. The farmers sell their melons to one of the hundreds of melon vendors who drive their big blue trucks into the city of Shanghai during about two weeks in October to sell the watermelons to the city folk who love their refreshing taste.

During the two weeks of the melon harvest, there are hundreds of blue trucks parked two or three per block all over the city. The hundreds of melon vendors sell an identical product, acquired at identical costs from thousands of farms using identical techniques for farming. In other words, the melon market in Shanghai during these two weeks is close to being perfectly competitive.

The price of melons is established through competition at something very close to the exact cost to the vendor of getting the melons into the city. Consumers know this, and therefore if one vendor tries to sell his melons for more than the equilibrium price, consumers will respond by buying NONE of that vendors melons. Conversely, if a vendor were to lower his price at all, rationally EVERY consumer would want to buy from that vendor, but since the price is already at the cost to the vendor, no vendor is able to lower the price without losing money. The outcome in the market for melons in Shanghai is that demand for melons is close to being perfectly elastic, meaning that consumers are completely sensitive to changes in price of watermelons.

Not all goods are like watermelons. In fact, for some goods demand is close to perfectly inelastic. Study the graph below, showing the relative elasticities of five different products, then answer the questions below in your comment!

Discussion Questions:

  1. For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?
  2. What relationship exists between relative slopes of demand curves and elasticity?
  3. What are two characteristics of cigarettes that make demand for them inelastic?
  4. What are two characteristics of heart transplants that make demand perfectly inelastic?
  5. What are the characteristics of a good for which demand is perfectly elastic?

About the author:  Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author

93 responses so far

93 Responses to “From heart transplants to watermelons: Understanding price elasticity of demand”

  1. yurion 20 Oct 2010 at 11:57 am

    1. Inelastic-heart transplants, Perfectly elastic-Watermelon, Unit-elastic-Movie tickets

    2. If the curve is steeper its more inelastic, if the curve is less steeper its more elastic

    3. Cigaretts are inelastic because it is addictive. It also doesn't have substitutes.

    4.Heart transplantation has no substitute. And it saves people's life so they would spend even though it is expensive.

  2. Se Uk Shinon 20 Oct 2010 at 11:58 am

    For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    Inelastic- D3

    Elastic- D4

    unit elastic- D5

    What relationship exists between relative slopes of demand curves and elasticity?

    When the slope goes up more inelastic

    What are two characteristics of cigarettes that make demand for them inelastic?

    addiction and gradually becomes necessities for smoker.

    What are two characteristics of heart transplants that make demand perfectly inelastic?

    No substitutes, this must be needed for people who have problems related with heart

    What are the characteristics of a good for which demand is perfectly elastic?

    many substitute, no addiction

  3. junfengon 20 Oct 2010 at 12:01 pm

    1.For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    The heart transplant — perfectly inelastic — PED =0

    Water melon — perfectly elastic — PED = infinite

    Movie tickets — Unit elastic

    2.What relationship exists between relative slopes of demand curves and elasticity?

    Slope of demand curves is in vertical position where PED = 0, perfectly elastic

    Slope of demand curves is in horizontal position where PED = infinite, perfectly inelastic

    Slope of demand curves is = 1, PED = 1, Unit elastic

    3.What are two characteristics of cigarettes that make demand for them inelastic?

    Cigarettes are demerit goods which means are not necessary to the smoker so the demand for them is inelastic

    4.What are two characteristics of heart transplants that make demand perfectly inelastic?

    Heart transplant is like kind of luxury product, so there is no matter how the price goes to, people needs it for life, and the business as well.

    5.What are the characteristics of a good for which demand is perfectly elastic?

    The good is normal good, therefore there is lots of competition and subsitutes among the economy.

  4. Dong Hun, Jangon 20 Oct 2010 at 12:03 pm

    1.For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    Heart transplants=perfectly inelastic- because there is nothing people can do when the price of hear transplants increase.

    watermelon=perfectly elastic- because if there have any changes of prices it affects to the demand of product.

    movie tickets=unit elastic- as the graph shows….

    2.What relationship exists between relative slopes of demand curves and elasticity?

    if a slope goes to steep, it means that product is close to become a perfectly inelastic and if slope goes to flat, it means that product is close to become a elastic product.

    3.What are two characteristics of cigarettes that make demand for them inelastic?

    addiction, no substitutes.

    4.What are two characteristics of heart transplants that make demand perfectly inelastic?

    nothing can instead the heart transplants and if person decided to not using it, it causes to them to die. which mean, patients would need to buy heart transplants whatever it cost for live.

    5.What are the characteristics of a good for which demand is perfectly elastic?

    have competitive market and a lot of substitutes

  5. Dong Hwion 20 Oct 2010 at 12:05 pm

    1. For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    Perfectly elastic – Watermelon

    Perfectly inelastic – Heart transplant

    Unit Elastic- Movie tickets

    2. What relationship exists between relative slopes of demand curves and elasticity?

    If the slope is steep and close to being vertical, it is inelastic

    When the slope is close to being horizontal, it is elastic

    and if the slope is 1 it is unit elastic

    What are two characteristics of cigarettes that make demand for them inelastic?

    Cigarettes are inelastic because the consumers are not responsive to change in price. it is addictive and there is no other substitute product.

    What are two characteristics of heart transplants that make demand perfectly inelastic?

    A heart transplant has no substitutes. and will demand it with hardly no responsiveness

    What are the characteristics of a good for which demand is perfectly elastic?

    the Watermelon is perfectly elastic because there are lots of substitutes for the same kind of product.

  6. Aleksion 20 Oct 2010 at 12:09 pm

    1. perfectly inelastic – heart transplants, perfectly elastic – Watermelons, unit elastic – Movie tickets

    2. the relationship that exists between relative slopes of demand curves and elasticity is that the greater the slope, the smaller elasticity

    3. two characteristics of cigarettes that make demand for them inelastic are first, because cigarettes make people addicted to it. Secondly, because the cigarette price is relatively small so if the price increases from $5 10% to $5.5 it doesn't really affect to many people

    4. two characteristics of heart transplants that make demand perfectly inelastic are that first, people don't think about money while buying a heart transplant because and secondly

    5. the characteristics of a good for which demand is perfectly elastic is perfect competition in the market

  7. Renee Ron 20 Oct 2010 at 12:22 pm

    For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    Heart transplants are perfectly inelastic, they are a necessity and people will pay for the service anyway regardless of price changes.

    Watermelons are perfectly elastic, as they are in perfect competition with each other consumers will not buy from the vendor if they increase their price and only buy at very low prices.

    Movie tickets are unit elastic, as the price of the tickets increases by two the quantity demanded decreases by two, the changes are opposite.

    What relationship exists between relative slopes of demand curves and elasticity?

    A totally vertical slope means the good is perfectly inelastic, and if the slope is closer to being a vertical slope the good is inelastic. A horizontal slope means the good is perfectly elastic and the closer the slope is to being horizontal it is more elastic. Finally if the slope is equal to 1 the good is unit elastic.

    What are two characteristics of cigarettes that make demand for them inelastic?

    Cigarettes are an addictive product and so even when the price increases the consumer still "needs" to purchase them, making the demand inelastic. Also cigarettes have no real substitutes as other tobacco products are more expensive and so as they are kind of a niche good consumers cannot choose a cheaper alternative.

    What are two characteristics of heart transplants that make demand perfectly inelastic?

    Heart transplants are a necessity, people need heart transplants to live and cannot choose wether they need one or not. Heart transplants also have no real substitutes, people with heart diseases/ problems NEED new hearts and there is nothing else they can do to fix their existing heart and therefore the service of heart transplants is a monopoly service in its market.

    What are the characteristics of a good for which demand is perfectly elastic?

    If a good is perfectly elastic, it is sold in a perfectly or almost perfectly competitive market, and is also not a necessity.

  8. Erick Chanon 20 Oct 2010 at 12:22 pm

    1. For which product is demand perfectly inelastic? Perfectly elastic? Unit elastic?

    Perfectly inelastic: heart transplant

    Perfectly elastic: watermelons

    Unit elastic: movie tickets

    2. What relationship exists between relative slopes of demand curves and elasticity?

    A greater slope of demand curve means more inelasticity while a less slope means more elasticity.

    3. What are two characteristics of cigarettes that make demand for them inelastic?

    Cigarette is a kind of "inferior" good, that its price is not very high, besides, it is addictive.

    4. What are two characteristics of heart transplants that make demand perfectly inelastic?

    It is an important good that if you need it, it's necessary. Secondly, it has very few substitutes.

    5. What are the characteristics of a good for which demand is perfectly elastic?

    When the demand of a product is perfectly elastic, it's sold in a perfectly or almost perfectly competitive market, that there are many choices for customers in the market. And it's not necessary.

  9. Manouschak Schmidon 20 Oct 2010 at 8:48 pm

    1) The heart transplants are perfectly inelastic which this is shown by a vertical line. It doesn’t matter by how much the price increases and decreases, the consumers will remain unresponsive as for the demand for heart transplants is very high and not optional, so if consumers don’t get heart surgery they will die. Because they won’t be able to survive.

    Watermelons = perfectly elastic as a slightest increase in price which would result in a consumer not buying the product as they could change product and by the exact same product but at a lower price.

    The movie tickets = unit elastic because they quantity and price increases at the same rate.

    2. As you notice on the slope of the demand curve becomes steeper, the inelasticity of a product increases. Which means as the demand curve flattens, the more elastic the demand becomes.

    3. Two characteristics of cigarettes that make the demand inelastic is its addictiveness and there are no substitutes for that good. Cigarettes have no substitution product either and for that the consumers must pay for the product or quit smoking but because cigarettes are so addictive it is more likely that they will keep purchasing the product.

    4. two characteristics of heart transplants are inelastic as well because they demand is very high in the market so consumers must pay for the product or else they will die. This is also similar to cigarettes; there is no substitution good for a heart transplant either.

    5. The characteristics of a good for which demand is perfectly elastic are when they are already highly priced and they have substitutes. A perfectly elastic product is defined by when consumers are extremely responsive to even the smallest price change causing people not to buy a certain product.

  10. Pilar Mulleron 22 Oct 2010 at 9:02 pm

    For heart transplantations demand is perfectely inelastic because there are no substitutes for this service and the people do not have time to think about either doing it or not. If it is a choice of life or death, they just do not have another choice. A heart transplantation is also so price inelastic because people do not have time to respond to prices. It is a short-time decision and this fact do also hospitals know.

    Demand is perfectly elastic for watermelons because consumers will more rapidly respond to price changes because there are a lot of substitutes for watermelons. Of course, there is just one type of fruit of watermelon, but there are a lot of other fruits which consumers can consume.

    In the case of movie tickets, demand is unit elastic because if the movie theater increases their price for movie tickets by 20%, they can be sure that their consumer percentage will also decline by 20%.

    Cigarettes have an inelastic demand because first of all they are addictive. Addictiveness is something which makes a good very inelastic. If consumers have an addiction for cigarettes, they will be less responsive to price changes and thus the demand for cigarettes is inelastic. Another characteristic of cigarettes is that they do not take a huge proportion of the consumers income, which makes them more inelastic. Since their price is under 10 dollars, consmers are not really affected by a price change since they are addicted to cigarettes in the first place.

    Heart transplants are so inelastic because one does not have a substitute for heart transplation and because it is also a necessity for the humans. If you have to get a heart transplantation, there is no choice and therefore heart transplantations have a price inelastic demand.

    A good which has a perfeclty elastic demand would be e.g the good rice. There are so many different rice brands from which a consumer can choose of, which makes a consumer a lot more sensitive to price changes. If one producer highers its price, the consumer can just buy from another brand. A good has to have a lot of substitutes to be considered perfectly elastic.

  11. Alain Meyeron 01 Nov 2010 at 7:34 am

    1. The demand for watermelons is perfectly elastic, the demand for heart transplants is perfectly inelastic and the demand for movie tickets is unit elastic.

    2. By looking at the slopes of a demand/supply curve, we can determine their elasticity as a higher relative slope means that it is more inelastic, and a lower relative slope means that it more elastic.

    3. Two characteristics that make cigarettes inelastic is that they are addictive, so people are going to be less likely to respond to a change in price. Also, they are considered necessities by those who smoke them, so they don't mind paying more for them. This together makes cigarettes highly inelastic.

    4. There are absolutely no substitutes for heart transplants, and so almost everyone who can afford one will buy one should they require it. Or it means they die. Another property is that it is a necessity, or else they will die.

    5. The characteristics for a good with perfectly elastic demand are that there are many substitutes for it, it is a high proportion of the person's income, it is not addictive, it is a luxury not a necessity and the consumer is given ample time to see the price change.

  12. Katrina S.on 08 Nov 2010 at 1:53 am

    1. The demand for heart transplants is perfectly inelastic, while the demand for watermelons in perfectly elastic. The demand for movie tickets is unit elastic because as the price changes by one unit, so does the quantity demanded and the revenue stays the same.

    2. The demand curve's elasticity or inelasticity is illustrated by its slope: a straight and vertical curve indicates perfect inelasticity, and a straight and horizontal curve indicates perfect elasticity.

    3. "Inelastic demand" refers to a good or service which will always be demanded regardless of changes in its price. What makes the demand inelastic for cigarrettes is the addiction its consumer experiences. When addicted, a consumer will always crave cigarrettes no matter the price. Another reason for the inelastic demand for cigarrettes is the attitude of the consumer. Peer pressure was mentioned in one of the other comments, but another reason could be the many stressers in a person's life which have found an easy resolution in cigarettes.

    4. The demand for something as severe as a heart transplant is inelastic because it would save a person's life, which has no price. Along with one's life comes many other priceless opportunities and experiences.

    5. A good that has perfectly elastic demand is one that is easily found, sold by many vendors, and has its price essentially determined by its consumers, and not the sellers.

    PS: My Honors Economics teacher assigned this blog to my class for homework, and I read this particular article because I was absent on the day he explained this to us. I did the make-up work and read the assignments, but sometimes it's the way one expresses an idea that makes it sink in. Thank you for clearing up my confusion!

  13. Samantha R.on 08 Nov 2010 at 5:33 pm

    1. Demand is perfectly inelastic for heart transplants; no matter how much it costs to have a heart transplant, the quantity demanded for heart transplants will remain about the same. The demand for watermelon is perfectly elastic, because even if the price changes ever so slightly, the quantity demanded changes dramatically. The demand for movie tickets is unit elastic; the quantity demanded changes in equal proportion to the change in price.

    2. The steeper the demand curve is, the more inelastic the product is. The flatter the demand curve is, the more elastic the product is.

    3. Cigarettes are highly addictive, so people will still wish to purchase cigarettes even if there is a price increase; to those that are addicted, cigarettes are more of a necessity than a luxury. Additionally, there is not really a substitute to cigarettes. However, although the demand for cigarettes is inelastic, is it not perfectly inelastic because some people may choose to quit smoking or chew nicotine gum or something if the prices of cigarettes begin to rise "too much".

    4. The demand for heart transplants is perfectly inelastic because no matter what the price, people will still wish to pay for a heart transplant. Unlike with cigarettes, a person looking for a heart transplant cannot simply go without one. It is necessary to survive. While a person might not pay for cigarettes if the prices increased dramatically, he/she would be willing to pay for a heart transplant even if the prices were outrageous, because there are no substitutes for a heart transplant; there are no other options.

    5. For a product to be perfectly elastic, the market would have to be perfectly competitive. Also, the product would be a luxury rather than a necessity, and it would probably have many substitutes.

  14. Larissa Wezenbergon 09 Nov 2010 at 2:12 am

    1. Demand is perfectly inelastic for the heart transplant. This is when any change in price will be met with NO change in quantity demand. As the price of heart transplants increases, it won’t change the quantity demand because otherwise people might die.

    The demand for watermelons is perfectly elastic. Perfectly elastic is when any change in price leads to an infinite change in quantity demanded. As the price of water melons only changes a little bit, the quantity demanded for melons changes drastically.

    Demand is unit elastic for movie tickets; a change in price results in an identical percentage change in quantity demanded.

    2. As the demand curve becomes steeper, the product becomes more inelastic. As the demand curve becomes flatter, the product becomes more elastic.

    3. Two characteristics that make cigarettes inelastic is addiction and no substitutes. People that smoke are mostly addictive to it. As price increases, people would rather keep on smoking than save their money. Cigarettes don’t have any substitutes, so people can’t really do anything instead of smoking.

    4. The demand for heart transplants is perfectly inelastic because no matter what income they have, or no matter what the price is, people are still willing to pay for it. It is a necessity in order to be able to live for some people, so they can’t really do anything else than pay for it. It has no substitutes.

    5. Something that is perfectly elastic is most likely to be in a perfectly competitive market. It will also have many perfect substitutes.

  15. Philippaon 09 Nov 2010 at 2:58 am

    1.For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    The demand for heart transplants is perfectly inelastic because regardless of price, quantity demanded will always be the same. Watermelon demand is perfectly elastic because, as described in the article, the consumers know the price equilibrium and all vendors sell watermelons for the same price so if one vendor were to increase the price, no one would buy his/her melons. Movie ticket demand is unit elastic; the change in price is exactly the same as the change in quantity demanded.

    2.What relationship exists between relative slopes of demand curves and elasticity?

    The more horizontal the curve, the more elastic the demand for the good; the more responsive consumers are to a price change.

    3.What are two characteristics of cigarettes that make demand for them inelastic?

    Cigarettes are addictive, and there is not a legal, more acceptable substitute to ‘calm nerves’.

    4.What are two characteristics of heart transplants that make demand perfectly inelastic?

    Heart transplants are a necessity good because without one, you will die. Other medication or surgeries are also not as effective as a heart transplant, so there is no substitute.

    5.What are the characteristics of a good for which demand is perfectly elastic?

    The consumers are very responsive to changes in price because they could be a high proportion of one’s income, there could be many substitutes for the good, or it might only be a luxury that one can happily live without.

  16. Aly W.on 09 Nov 2010 at 12:12 pm

    1) Heart transplants are perfectly inelastic, Watermelons are perfectly elastic, Movie tickets have unit elasticity.

    2) The closer to vertical the slope is, the more inelastic that product is. The closer to horizontal the slope is, the more elastic the product is. A product that has a slope of exactly one has unit elasticity.

    3) Cigarettes are addictive and there are no close substitutes for cigarettes, causing demand for them to be inelastic.

    4) Heart transplants are inelastic because if it is needed people will pay for one no matter what the cost, in order to save their life.

    5) A product with many very close substitutes and that has perfect competition.

  17. Geoffroy the Frenchion 11 Nov 2010 at 2:39 am

    1. For which product is demand pefectly inelastic? Perfectly elastic? Unit elastic?

    A perfectly inelastic product would be heart transplants because no matter what the price the quantity demanded will always be the same because it's a need. Watermelon demand would be very close to perfectly elastic because there are so many watermelon producers that if one of them increased their price nobody would buy from them because there are so many producers of the same product with cheaper prices. Movie tickets are unit elastic because the same percent change in price and demand.

    2. What relationship exists between relative slopes of demand curves and elasticity?

    The more horizontal a slope is the more elastic the demand for the good is. And the more vertical the more inelastic the demand for the good is.

    3. What are two characteristics of cigarettes that make demand for them inelastic?

    They are a necessity because people are addicted to it and 'need' to smoke cigarettes. And a third characteristic is that there are no or few substitutes (cigars and pipe).

    4. What are two characteristics of heart transplants that make demand perfectly inelastic?

    It's a necessity good because with out it you die. And there is no substitute for a new heart, no other operation can make keep your body going with a bad heart.

    5. What are the characteristics of a good for which demand is perfectly elastic?

    There are many substitutes and it’s a luxury that we could easily live with out, it’s a huge portion of our income, its not addictive and the good lasts a really long time.

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