Table 46.1 Some Estimated Price Elasticities of Demand

GoodPrice elasticity of demand
Inelastic demand
Eggs0.1
Beef0.4
Stationery0.5
Gasoline0.5
Elastic demand
Housing1.2
Restaurant meals2.3
Airline travel2.4
Foreign travel4.1

Source: Hendrick S. Houthakker and Lester D. Taylor, Consumer Demand in the United States, 1929–1970 (Cambridge: Harvard University Press, 1970).