8-1
Some Estimated Price Elasticities of Demand

Table 8.1: 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)