In a recent discussion I had (off-line), someone described the demand for
heroin (by heroin addicts) as perfectly inelastic. I responded that that
was a bit off; if demand for heroin were perfectly inelastic, I would charge
$1 billion a hit, and inevitably find a buyer. I offered, as a possible
alternative for a good with perfectly inelastic demand, love.
Then I thought - is the demand for love *perfectly inelastic* (meaning,
people desire one quantity, but at any price), or *perfectly elastic*
(meaning, people desire any quantity, but demand will be infinite below a
given price), or something else entirely?
Any ideas?
-JP
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