Textbook Definition of Own-Price Elasticity: The percentage change in quantity demanded of a good when the price of that good changes by 1%; a measure of the responsiveness of demand to changes in price. Demand is considered "elastic" if the absolute value of elasticity is greater than 1. Demand is considered "inelastic" if the absolute value of elasticity is less than 1.
She-conomic Definition: Suppose the price of a date with a girl is the monetary cost of the date (dinner and entertainment expenses, for example), as well as the emotional and mental effort of obtaining and carrying out a date. In The Notebook, Noah's demand for a date with Allie is highly inelastic; even though initially she had a boyfriend, lofty material expectations, and no more than lukewarm interest in Noah, Noah's demand for a date with Allie hardly shrinks in spite of changes in "price." Allie's demand for marriage to Lon, however, is relatively elastic. As soon as she rediscovers Noah, the opportunity cost (price) of being with Lon rises, and she responds rather dramatically by decreasing her demand for Lon (i.e., dumping him) and substituting toward Noah.
What are your thoughts? Is it kosher to attach economic principles to beautiful love stories like Noah and Allie's, or did this post just ruin the sappy joy of your favorite chick flick experiences?
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