The Inelasticity of Guns
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 concept of elasticity of a good or particularly concerning this paper, the Elasticity of Firearms for Americans. Many factors influence the value of guns to the U.S. citizen. The top two are the Bill of Rights and personal safety, but another of the other idea discussed that would affect gun sales revenue is the possibility of a budding Black Market if there are stricter firearm laws implemented.
Due to increased violence, anti-gun activists, pricing and sales tax, an uninformed economist might view the demand for guns to be completely elastic. My opinion is that the civilian purchase and ownership of guns by United States citizens is moderately inelastic due to the Bill of Rights and for personal protection of one’s self, family and property. Though ownership of firearms is regulated by the United States Government with waiting periods and background checks, however private citizens – like those at gun shows and on Craig’s List, can sell their hand guns and rifles without these rules limiting who can buy and who can sell and without waiting periods.
Many countries around the world have outlawed personal ownership and purchase of firearms, more specifically hand guns and automatic weapons, but these are usually considered
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 concept of elasticity of a good or particularly concerning this paper, the Elasticity of Firearms for Americans. Many factors influence the value of guns to the U.S. citizen. The top two are the Bill of Rights and personal safety, but another of the other idea discussed that would affect gun sales revenue is the possibility of a budding Black Market if there are stricter firearm laws implemented.
Due to increased violence, anti-gun activists, pricing and sales tax, an uninformed economist might view the demand for guns to be completely elastic. My opinion is that the civilian purchase and ownership of guns by United States citizens is moderately inelastic due to the Bill of Rights and for personal protection of one’s self, family and property. Though ownership of firearms is regulated by the United States Government with waiting periods and background checks, however private citizens – like those at gun shows and on Craig’s List, can sell their hand guns and rifles without these rules limiting who can buy and who can sell and without waiting periods.
Many countries around the world have outlawed personal ownership and purchase of firearms, more specifically hand guns and automatic weapons, but these are usually considered
References: Last Name, F. M. (Year). Article Title. Journal Title, Pages From - To. Last Name, F. M. (Year). Book Title. City Name: Publisher Name. 1