Dec 01 2010
Elasticity Haikus
Published by Jason Welker at 3:54 pm under Elasticity,Humor
One particularly witty student submitted his Economics Learning Log for our Elasticities unit with the following thoughtful poems.
On Price Elasticity of Demand:
Price may increase fast
Inelastic good’s demand
Stays in place for good
On Cross-price Elasticity of Demand:
Vodka drinkers fear
Russians tax it, prices soar
I’ll drink beer instead
On Income Elasticity of Demand:
Wages cut in half
No more decadent lifestyle
I miss my Rolls Royce
On Price Elasticity of Supply:
Demand for sweets down
Asbestos found in lollipops
Guess I’ll make fewer
Well done, Nick! Keep the haikus coming!
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 author16 Responses to “Elasticity Haikus”
This poem was submitted via email by Economics teacher George Koumoullis. Another great example of the literary potential of elasticity! – Jason
When price falls and demand is elastic
the change in demand can be really dramatic
vice versa if price changes and demand is inelastic
consumption of goods is virtually static
if we have high income elasticity
that can generate extra purchase felicity
but when income elasticity is zilch
firms sales cannot not change even one inch
Sadly we have no quite hit this unit of study yet, or if we did we didn't hit it that hard. These are quite creative and these will probably become helpful to me because I am a big fan of poems, and rhyming things as well. But I was wondering more about the content of the short poems. Elasticity is when having to do with economics is when the demand or supply is sensitive to changes in price or income. So I was wondering what would be some real life examples of that? And would a country that has high inflation or deflation, would elasticity apply to their situations a lot more because of that or? I was also wondering if this is something that occurs everyday, maybe not with the whole market or with certain products. Because when I sort of looked at it I saw that like if the price of corn when up the elasticity of demand for products made in corn prices would be more sensitive, and if that would affect the output and finding the equilibrium price level? Because it's sensitive because of the increase in the price of corn. I guess more or so I am asking for an example of each of these or to what extent these apply? And to what they apply?
And with other news Obama temporarily extended the tax cuts to everyone. I wonder how he is going to get out of this hole now, once he dug him self a little deeper.
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