Economics
Price Elasticity of Demand
Quick fact
Salt is one of the most inelastic goods—even a large price hike barely changes how much people buy, because it's cheap, essential, and has no close substitutes.
Why this is interesting
Why does a 10% price increase sometimes make people barely flinch (like for insulin), yet cause a huge drop in sales for other products (like soda)? The answer lies in a simple but powerful economic measure.