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Fish and Chips- A Lesson in Cross Elasticity

Posted November 10th, 2008 at 02:02 PM by Jexik
Cross elasticity is a very important concept in economics, and I think it relates directly to how the demand for various units in Heroscape fluctuate. Instead of boring you with math, Iím going to try to entertain you with an analogy.

Just think about fish and chips.

In Great Britain, chips is the word for what we call french fries. Fish and chips is a popular and inexpensive dish for a few reasons, but one of them is that those two things complement each other well. Your enjoyment of one improves the enjoyment of the other. If fish and potatoes were to go down in price, such as they would if you lived on an island like Great Britain, and there were lots of potatoes being grown in nearby Ireland, fish and chips suddenly becomes a nice meal.

Now, suppose you go to the United States and stop at a diner somewhere, and you order fish and chips. Iím sure at some of them, you might just get potato chips from a company like Lays. Although at...

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