ABSTRACT
Demand theory can be simplified and expressed in a fairly concise and understandable way, as any first-year undergraduate should realize. It is important to remember just how simplified and abstract elementary demand theory is, how difficult it can be to apply such theory to the analysis of economic and social phenomena, and how misleading over-simplification can be in certain circumstances. This caveat is especially relevant when education is considered because here one has an extremely complex set of data which present many more problems (both conceptual and statistical) than the demand for corn, or fish or automobiles.
