The $6 Gasoline That Almost Was

Vailhem · 3 days

So, for those of you confused about how replacing 10% of a gallon of gas can have a larger than 10% impact on price, you should learn, or remember if you forgot, the concept of inelasticity. What elasticity or inelasticity measures is the relationship between the quantity supplied and the price per unit, and a good like gasoline is famously inelastic. That means that if you can expand the quantity supplied of gasoline by 10%, it may be able to depress the price by significantly more than 10%. Here is a website for reference. http://www.investopedia.com/university/economics/economics4.asp#axzz1vXWIucX5

If it is actually true that ethanol has an average impact of $1 per gallon of gasoline, then the $20bn the US spends subsidizing agricultural production would be recouped in less than 2 months of US gasoline consumption.

chrono1465 · 7 days

Also, your spaceship is going much faster than any plane, hopefully. You could be going 5,000 miles a minute, in which case, you might only have 20 min between asteriods.

SteveTheDragonborn · 12 days

Sheldon, Link, and Jackie Chan. We'll be better suited for playing live-action Super Smash Bros. than fighting zombies.

nsfwdreamer · 17 days

No. It just means that the supply of oil is least sensitive to changes in demand. If you've taken econ courses before, it means oil would have a very steep (positive slope) supply curve, so positive demand shocks will result in fast price increases and slow supply increases.

Imagine you have a faucet that only delivers 5 gallons. If 5 people want water, the price will be reasonable for a gallon of water. If 500 people want water, the price will rise.

I can't explain why oil is insensitive to demand shocks (maybe a consequence of the limits of the ways it is extracted and distributed?) but it is.

one_sky · 17 days

TIL secular =/= atheist because r/atheism =/= "no comment"

rastabean · 17 days

I got a 1410 on my SAT's, in 7th grade. Back when it was out of 1600.

dlarkworthy · 17 days

So, a funny TIL from awhile ago is that Michael Richards, Kramer from Seinfeld, is a 33 degree member of the Freemasons. http://en.wikipedia.org/wiki/Michael_Richards#Personal_life

What is he in relation to you? Does this mean that Kramer is your president/pope? Because that would be hilarious. But I guess not more ridiculous that Arnold being governor of CA...

Wingser · 17 days

does this take into account a non-spherical earth?

Troy_Smith · 22 days

signed in to downvote this

theMan_theLegend · 23 days

I really want to try Baldy Chutes at Alta. Maybe not as gnarly as Jackson Hole, but still outside my comfort zone. http://2.bp.blogspot.com/_NBM8FNYzi5s/S9T3Rsi9ngI/AAAAAAAAGM8/Aw70fgRm0ic/s1600/mainchute.jpg

pslama2 · 1 month

This is really, really, really difficult if you've never played DOTA or anything before. Just sayin.

randomthinker035 · 1 month

the third one is actually not that racist...

Sykoninja95 · 2 months

On a related note, since gingers have no soul and black people have at least some soul, the offspring of a ginger and a black person should have at least infinite soul. I would buy stock in the LA clippers if I were you. http://smokerafer.files.wordpress.com/2011/01/blakefamily.jpg

maamby · 2 months

What do you think the future of the UAE is? Will it thrive like Singapore or do you think it will crumble once oil revenues peter out? Also how politically stable is it there?

Twoflappylips · 2 months

I would try to get some power generators, a sickass gaming rig, and a copy of skyrim. Foreveralone x 16.

FakeBritishGuy · 3 months

Okay, reality check, only 1 in 200 million people will get cancer from the radiation the TSA exposes you to, yet there are about 300 million people in the US and by my last count more than 2000 people died in 2001. Over the past 100 years (since flight was invented) that averages out to 20 people / year >>> 1.5 people per year.

That is, if you assume that security scanners will definitively prevent another 9/11 and that another one would happen if they were not around. but still we're just comparing those two datapoints, are we not?

interrobang__ · 3 months

DON'T TOUCH IT ITS POOP WILL TAKE OVER YOUR BRAIN!

equinox5005 · 3 months

Damon on Glee, "Its a homogenization of everything... and it ultimately leads to emptiness."

jolly_giant

TROPHY CASE

jolly_giant

TROPHY CASE

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