Substitute: "MLB season cancelled, MLS ticket sales score big."
Elastic: "Ghirardelli chocolate prices rise, sales melt."
Inelastic: "Milk costs go through the roof, although utterly ridiculous, consumers still buy."
Milk is inelastic because even though prices may be high, consumers still use milk every day. You could substitute it for soy or almond milk which may be much cheaper, but it is not considered real milk to those die hard dairy fans. We interviewed consumer Sherri Hill about the controversy of raised milk prices. When asked if she would switch to another brand, she said, "Never will I ever switch. It may be expensive, but I've been using this milk since I was a kid. I could not imagine using any other type of milk." As you can see, consumers can try to avoid using this absurdly expensive milk, but in reality, milk is used in countless recipes; breakfasts, lunches, and dinners. Milk is unavoidable, and any other substitutes do not have the same taste or quality of regular milk. Even if milk becomes very inexpensive, consumers cannot buy a lot of milk at a time; because even if you use a lot of milk in your household, the longer you let milk sit in the back of your fridge, the worse it gets. Milk can easily go bad if you do not pay close attention to the expiration date, so be good to your milk!
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