Strictly along economic grounds, is the demand for a spouse relatively elastic or relatively inelastic? Explain...

Strictly along economic grounds, is the demand for a spouse relatively elastic or relatively inelastic? Explain your answer in under 1 page (and assume free choice—no arranged marriages). Only analytical and economic-based answers are acceptable.

Expert Solution

Such demand is relatively inelastic, since there is a free choice.

Law of demand: In case of normal goods (like bread, shirt, etc) increasing price decreases the quantity demand, and vice versa; therefore, there is the inverse relationship between price and quantity. The demand curve should be downward slopped from left to right.

Demanding for a specific item desperately, like the demand for a spouse due to love and affection, doesn’t create the behavior of normal goods; therefore, in this case the price might be high for getting it but still there is a tendency of pursuing for it. The demand curve becomes slightly stiff and has the tendency of becoming parallel to the vertical (price) axis.

Here the price might be sacrificing the family, because it is assumed that the family is not supporting the marriage. Quantity on the hand might be the desperateness of the person wanting the spouse.

Rahul Sunny answered 1 year ago

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