Alabama
Rain, farm center, alcohol tax: Down in Alabama
From as we speak’s Down in Alabama podcast:
In economics we have now an idea referred to as the value elasticity of demand.
That measures simply how a lot the demand for a superb modifications with worth fluctuations.
For instance, if the value of, say, a recipe e book at Walmart went from $10 to $30, a lot fewer individuals would purchase it. So that may be an elastic good.
Gasoline, at the very least within the brief run, could be very inelastic. It could possibly bounce from $3 {dollars} a gallon to $4.50 and most of the people are going to purchase practically as a lot gasoline as they have been earlier than.
OK, I stated all that to say this: Alcohol — the ingesting form — appears to be a reasonably inelastic good in Alabama.
Extra on that on as we speak’s “Down in Alabama” information briefing.
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