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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (228961)4/12/2005 5:32:36 PM
From: neolib  Read Replies (3) of 1572676
 
If gasoline gets to $6/gallon, perhaps I'll not drive as much. As of today, higher gas prices haven't affected my driving one iota. And I would wager your's haven't been affected, either.

Dead right.

Supply/demand curves are too simplistic wrt to status quo. There needs to be some sort of hysteresis function about the familiar range to more correctly describe consumer behavior. Once price pushes the bulk of consumers past the hysteresis step, then demand changes. It is generally not the nice smooth curve they show in economics textbooks.
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