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Febr. 1

cont. w/ elasticity
you can make useful statements about the rank order of goods by looking at elasticity 
an inelastic goal once satisfied (i.e. hunger) quickly drops in its rank order 
- if boy takes girl out to dinner, however, eating may not be only goal - may take her ([[strikethrough]]for[[/strikethrough]] to more expensive restaurant to impress her 
this brings up the pt. that goals often come in associated bundles 

when an economist looks at own society, shares its goals & goals taken for granted along w/ ranking 
econ. anthropologist, however must explain goals & ranking
way foods are rank-ordered heavily cultural - we don't like witchety grubs & willing to pay more for champagne than coke
demand pattern of a market hence very cultural 
[[strikethrough]]sa[[/strikethrough]]maximizing is allocating what you have in terms of the ranking of what you want to get 


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[[strikethrough]]W[[/strikethrough]]((market = averaging of indiv. rankings; as expressed in actual exchanges; I might enjoy my paddy hats as much as Jerry Silvermans carpets, but resale value very diff.)) 

labor theory of value ignores other aspects. 
1. Tiffany lamps valued in 20's, then sat in peoples' attics, then came back in
2. an industrial & a gem diamond excated [[excavated]] in a S. Afr. mine have same labor input but diff values

price is the conjunction of utilities as culturally defined

Transcription Notes:
Edited: removed [[underlined]] to comply with instructions, removed indentations, etc.