Quote:
Originally Posted by tompe
You seem to reason that the demand is infinite just given the right price. Which seems a strange assumption since the available time for reading books is very limited for most people.
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I think demand is
elastic.
I bought the three Larsson books because they were less than $5 each and I might want to read them at some point. If they had been $10 I wouldn't have bought them, I'd have either got a library copy or waited until I actually wanted to read them and just bought the first.
In another thread someone mentioned a different translation of a book I like. It was $10, so I passed. I'm $5 interested, but not $10 interested.
Are there people who won't pay $25 for a hardback, but wait and pay $10 for a paperback? Yes, there are, so demand is clearly elastic there.
Do people read library books, or borrow books from friends? Yes, they do, so there are clearly more people who want to read the book than pay the current price for it.
I don't see any reason for believing that somehow books are special and don't react like other products.