Cross-Price Elasticity of Demand, Diddy Edition

Cite this Article
Joshua D. Wright, Cross-Price Elasticity of Demand, Diddy Edition, Truth on the Market (September 01, 2008),

It’s not quite a bump in scooter sales or farmers switching from tractors to mules in response to rising gasoline prices:

The hip-hop mogul said he is now flying on commercial airlines instead of in private jets, which Combs said had previously cost him $200,000 and up for a roundtrip between New York and Los Angeles.  “I’m actually flying commercial,” Diddy said before walking onto an airplane, sitting in a first-class seat and flashing his boarding pass to the camera. “That’s how high gas prices are. I’m at the gate right now. This is really happening, proof gas prices are too high. Tell whoever the next president is we need to bring gas prices down.

Here’s the link, and the YouTube video.