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RISK LOVING: A person who values a certain income less than an equal amount of income that involves risk or uncertainty. Suppose that you have two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you chose option B, then you're risk loving. While both options give you the same "expected" values, you get more satisfaction from the risky option than the guaranteed one. In fact, risk loving people are willing to pay for the opportunity to experience a risky situation.
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CROSS ELASTICITY OF DEMAND The relative response of a change in the demand for one good to a change in the price of another good. More specifically the cross elasticity of demand is percentage change in the demand for one good due to a percentage change in the price of another good. This notion of elasticity captures the other prices demand determinant. Three other notable elasticities are the price elasticity of demand, the price elasticity of supply, and the income elasticity of demand.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage." -- Ralph Waldo Emerson
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JLEO
Journal of Law, Economics and Organization
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