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Bobby goes into Walmart to buy taco meat for his monthly Taco Tuesday family meal. He purchases two pounds of ground beef for $7.57.
That will be $7.57, Thanks for buying. Have a nice day!
The next month he goes back to Walmart and sees that the two pounds meat is now $10.25. Bobby then decides to go home and cancel Taco Tuesday and have a "Pizza Tuesday" night instead.
That'll be $10.25, please.
What?!?! It was only $7.57 last month. I can’t afford that! I'm cancelling Taco Tuesday
So, in conclusion, total revenue for that type of meat package has now decreased because of the dramatic increase in price, making the quantity of demand elastic due to food replacement options (substitutions).
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