TABLE 6-1 Some Estimated Price Elasticities of Demand
Good
Price elasticity of demand
Inelastic demand
Gasoline (short-run)
0.09
Gasonline (long-run)
0.24
Airline travel (business)
0.80
Soda
College (in-state tuition)
0.87
Elastic demand
Housing
1.2
College (out-of-state tuition)
Airline travel (leisure)
1.5
Coke/Pepsi
3.3