Minion shoes for sale full#

I dont think we were talking about measures of income elasticity here. At that point, they would rather keep the game, than take the loss. In other words, they are willing to sell if they break even or make a small margin, but have no need to take a loss by discounting it. The market corrects this by increasing price.Īdding to this is the fact that the seller may want to sell the game, but does not need to sell the game. This demand has continually exceeded supply.

Minion shoes for sale full#

Riot has never met full demand with its production of the game.

OOP and/or limited supply games can fall into the latter category. It is a function of supply (limited by time lapsed) and demand (arising from collectors). To go back to cars, collectible classic and antique cars can be worth significantly more than their original price and, in some cases, more than a brand new car. Then there are goods that appreciate with time. A three year old car will almost always be cheaper than the same model new. A good example of this is a late model car. Many goods behave like you think the market as a whole behaves: used goods are cheaper than new. The second hand market is not uniform in terms of pricing. The broader definition would generally distinguish between luxuries and necessities (but hey, I just have a graduate degree in economics, so don't mind me). I dont even know how you would apply the concept of inferior goods to board games.

Those are definitions that are very specific to the field micro economics. Miniatures board games can be a luxury good, most likely they're a normal good, and for some people they're an inferior good preferring to divert spending towards miniatures wargames for example. Sorry, I find economic ideas like this fun to think about.

Whereas something like golfing is a luxury good, once you can afford to golf, excess income is diverted primarily towards golfing. Instead preferring to attend a baseball game as their leisure activity, which could be considered a normal good as they'd attend more baseball games with more income but spread the income to other purchases. For instance a bowling alley can be considered inferior, as income increases some consumers might not attend as often. Leisure activities for entertainment can be considered normal goods, they can also be considered inferior goods or luxury goods. There are plenty of non necessities that are considered normal goods. Here's a really good article on the subject, you'll note they actually use a necessity (transportation) in their example of inferior vs normal. That said, incase you want to learn.Ī Luxury Good is defined as a good or service whose demand increases with an increase in income at a rate higher than 1:1. They follow different rules, which I'll happily admit to not studying.

The definition of Luxury Good does not matter in this instance as I'm talking about a used good available on the second hand market. No one on Earth will die from not having this $100 boardgame. It is not, in any way, shape or form a necessity. My bad, wasn't a useful question.Īs for definitions, actually, again yes, this is a correct usage of the term 'luxury good'. Either way, I think we both agree the toilet paper hoarders were being predatory and this answer doesn't cover that. Your toilet paper example would fall squarely into this answer as they sold, yet my own experience would not as the item didn't actually sell (nor has sold from what I can see).

If someone is willing to pay, then yes, they are worth exactly that much.

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