New 160g Instant Ocean buckets

[Samw]

That's cool. As a collective group, the demand curve remains the same though, since only an insignificant number of customers buy more livestock when prices are higher (Ie. The customers who would rather buy a clownfish at $30 and refuse at $15).

Now, if 100% of the group is like that for livestock, then and only then would that contradict the theory.

If 100% of the people buy more livestock when prices are higher, then you have what is called a giffen good which doesn't really exist in the real world.

http://en2.wikipedia.org/wiki/Giffen_paradox

"For most products, price elasticity of demand is negative. In other words, price and demand pull in opposite directions; price goes up and quantity demanded goes down, or vice versa. Giffen goods are an exception to this. Their price elasticity of demand is positive. When price goes up the quantity demanded also goes up, and vice versa. In order to be a true Giffen good, price must be the only thing that changes to get a change in demand.
...
Despite years of searching, no generally agreed upon example has been found. "


Harvard Reference

http://ksgnotes1.harvard.edu/researc...4?OpenDocument

"Economists have long searched, unsuccessfully, for convincing evidence of a Giffen behavior, i.e., consumers who, under some circumstances, respond to an increase in the price of a good by demanding more of it."

Everything has an explanation you see. Livestock is definitely not a Giffen good. Lots of references out there for Giffen goods and the Paradox.

[LostMind]

Anyways Justin, perhaps you are right and I dont know

In either case, I would feel ripped off if I was suddenly paying the same price for a lesser product

In the end, merry xmas and happy holidays and lets just disagree

[Justin]

I will agree to disagree. I guess sometimes, people who are hobbiests can't understand the business end of the hooby, and those in the business end sometimes can't understand the hobbiest end of it.

[Two Oceans]

Back to salt prices , I live near toronto , other than Big Al`s & a few LFS
that have boxing week sales , the regular price of IO 200g pail is $99. + Tax = $115. a pail of the new IO 160g is $ 91. with tax.
I have read over time the salt prices you lucky people pay & have thought if I was to drive out west to visit relatives some day, I would toss the lugage & My Vehicle would be doing a wheelie on the way home, che-ching.