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You know, I would really like to own a Bugatti Veyron, but the inelasticity of it makes it very hard to me to obtain.... at least for a couple years. The producers of the Veyron made the price so high, knowing that rich ass people would still buy them.

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A recent example of elastic supply, is the release of the iPhone 8. A ton of people were wanting it, and then Apple, the supplier, accommodated them by releasing the iPhone 8.

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This might sounds really stupid, but something that I believe has inelastic demand qualities is music. No matter how much I have to pay for Spotify Premium, I will play it. Music helps me live, and I cannot stand not being able to play whatever I want. To me, it is very worth it.

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A service that has very elastic demand, is a barber shop. A lot of people will go in for a $10-$20 haircut, but when it gets pricier than that, they will risk their self-confidence and just cut it themselves, or find an alternative barber because it is too expensive.

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A good that has inelastic demand to most people is gasoline. To most people, it is necessary; for jobs, for family, and for other things. But for a few, it is a very elastic good. For example, a poor village in Peru could use and would pay for gasoline to power an old motorcycle to get around with, but as soon as the price of that gasoline increases, they will get back to just walking everywhere.

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A good that has very elastic demand to most people is food. McDonald's sell their cheeseburgers for a buck or two, and they have a very high quantity demanded. On the flip side, if you travel to London, and go inside the restaurant The Honky Tonk, you're going to be served a cheeseburger ranging anywhere from $50- $1,768. When you increase the price of a cheeseburger like that, the quantity demanded is going to be very very close to 0.

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A service that I see that is pretty inelastic is professional auto repair. Although it is very expensive to take your car to a repair shop, it is necessary because most people (besides the repair technicians) possess the ability to fix a car. If the price of the repair goes up, you will still get the repair because you need your car, you are reliant on it.

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I LOVE VITAMIN WATERS. Like I really love vitamin waters. Usually I go to Kwik Korner every morning to get one, but then I went to Conoco one time, and they had a sale on them: two for $3. I thought to myself why would I buy one for $1.79, when I could buy two for $3.00? P.S. if you haven't tried the tropical citrus Vitamin Water you aren't living.

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A resource that I think isn't wasted due to the profit motive, is oil. Some is made into plastics, some made into gasoline, and much more. I feel like there isn't much oil wasted, and it involves the profit motive because oil is expensive now, and people wouldn't be producing it if there wasn't a large profit involved.

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An example of technology changing elasticity of supply, is laser eye treatment. The new technological advancement of laser eye surgery, changes the elasticity of supply of glasses and contacts, because people no longer need them.

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On Thursday, Matt brought in a one pound bag of Peanut Butter M&M's. I told him that I would pay him $5 for the the bag (which was like a half of it). After eating the first 10 or 15, I was so happy. It felt like I couldn't have spent my money any better way.... until I got to about 30. It was the same taste, and I started to get sick of them. They just didn't taste the same. By the end of the bag, I was literally giving them away. Yes, the bag that I paid $5 for, I was giving away for free. So, I started super happy with my purchase, but after just 15 short minutes, I wasn't happy at all and the usefulness of the M&M's diminished over time.

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Literally yesterday I went shopping for new shoes because my old ones broke. While at Nike, I saw a delicious pair of pearl white Air Force 1's with a hefty price tag of $150. So I continued shopping and I found a clean pair of Jordan Fly 89's, for $90. Since the Fly 89's were 60 dollars cheaper, and I only get paid 8 bucks an hour, I decided to get the Fly 89's. So because I don't receive an income that gives me the freedom to buy expensive stuff, I bought the shoes that were cheaper.

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Recently, I went to fill up my car with Gas, and realized that I was super hungry. I craved beef jerky so I went inside to buy some. I was super excited for the beef jerky until I saw that it cost like 8 bucks and while my stomach craved beef jerky, I bought some peanut butter M&M's instead because they would satisfy my appetite, and save me $6.

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Something that I think that suppliers will be supplying more of is airfare tickets. This will happen because the cost of jet fuel is on the rise, and airline companies will raise the price, making more profit, which will mean more supply.

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Something that represents a cost of production for something I buy personally, is when I get a burrito from Mi Cocina. The cost of production is the food involved, and the labor it takes to make each individual burrito.