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Originally Posted by Stew
Not really, but then I don't think FA cup final tickets are either. There's no doubt both are inelastic, but I would argue that perfect price inelasticity is a concept, not something to be found in real life. Such as perfect competition.
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Of course, but I'd argue petrol is more elastic than FA Cup tickets in most cases.
If nothing else I'm not a big fan of the petrol example because fuel (and energy) costs are always said to have some impact on the level of economic activity in general (which in turn is going to affect the demand...).
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Originally Posted by Tomkat
Surprisingly enough, not all 16-18 year olds care or understand about the demand and supply for FA Cup tickets or whichever football event furball spoke about.
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You wouldn't need to really care about the event per se, and it'd be fairly easy to explain to someone who had never even heard of football, or sport in general.
Not that it really matters which example you use, I think furball's point is that these concepts are pretty easy to apply to every day issues. The book Freakonomics (which isn't necessarily great admittedly) applies (sort of) economic theory to things like the Weakest Link, why drug dealers tend to live with their parents and things like that.