The Inelasticity of Guns Essays

1836 WordsFeb 1, 20138 Pages
Topic Paper – Week 1 The Elasticity of Firearms and Their Supply and Demand Submitted by Amy Jewett Rawlins Prepared for John Machnic BUSN 6120, Managerial Economics Spring 1, 2013 Section OG Webster University 13 January 2013 CERTIFICATE OF AUTHORSHIP: I certify that I am the author. I have cited all sources from which I used data, ideas, or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Amy Kathleen Jewett Rawlins 15 January 2013 Signature Date Abstract The three chapters that we studied this week highlighted many important principles in the study of Economics. One of those concepts is the…show more content…
The Associated Press was quoted stating that similar gun sales activity last year happened when President Obama first came to office (AP, 2008). Many Americans feared a liberal President may affect their rights Charles Blackwell, a gun shop owner interviewed by Kirkland (2012), believes that in local communities around the country, Americans are now afraid that the laws, rights or just plan gun availability will change. This in turn leads to high demand, low supply, which will most assuredly affect price and the elasticity of firearms. Gun ownership and the consideration of the elasticity of firearms has always been of interest was mentioned earlier when with Mr. McDonalds study. The issue was reenergized on December 14, 2012 at a small school in Connecticut where 20 young children under the age of eight and six teachers were gunned down by a man with multiple guns. Since then there has there been a rallying cry about the pros and cons of gun control, a fear about further gun ownership restrictions and fear that the supply will disappear and in turn this has quadrupled the demand for firearms Mr. Blackwell mentioned earlier that the fear of running out of guns or a change in the laws has motivated many citizens to make sure they get their hands on a firearm with cost being negligible. In fact with

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