Source

Good or Service

Income Elasticity

 

Automobiles

2.46

 

Furniture

1.48

 

Restaurant Meals

1.40

 

Water

1.02

 

Tobacco

0.64

 

Gasoline and Oil

0.48

 

Electricity

0.20

 

Margarine

-0.20

 

Pork Products

-0.20

 

Public Transportation

-0.36

 

 

Source

Item

Price Elasticity

 

 

 

Short Run

Long Run

 

Movies

-0.87

-3.67

 

Intercity Rail Travel

-1.40

-3.19

 

Toilet Articles and Preparations

-0.20

-3.04

 

China, Glassware and Tableware

-1.54

-2.55

 

Automobiles and Parts

-1.87

-2.24

 

Household Natural Gas Use

-1.40

-2.10

 

Tobacco Products

-0.46

-1.89

 

Household Electricity Use

-0.13

-1.89

 

Housing

-0.30

-1.88

 

Radio and TV Repair

-0.47

-1.84

 

Foreign Travel by US Residents

-0.14

-1.77

 

Gasoline

-0.40

-1.50

 

Tires and tubes

-0.86

-1.19

 

Jewelry and Watches

-0.41

-0.67

 

Stationary

-0.47

-0.56

 

 

 

Elasticities in the Demand for Rooms (housing)

 

Source

Group

Price Elasticity

Income Elasticity

 

Single Individuals

-0.14

0.19

 

Married, Head of household age less than 30, 1 child

-0.22

0.07

 

Married, Head age 30-39, 2 or more children

0

0.11

 

Married, Head age 50 or older, 1 child

-0.08

0.18

 

 

 

 

 

Estimates of Price Elasticities of Demand for Selected Makes of Automobiles 1990

Source

Model

Price

Elasticity

 

Mazda 323

$5,039

-6.35

 

Honda Accord

$9,292

-4.80

 

Ford Taurus

$9,671

-4.22

 

Nissan Maxima

$13,695

-4.85

 

Lexus LS400

$27,544

-3.09

 

BMW 735i

$37,490

-3.52

 

 

 

 

H. S. Houthakker and Lester Taylor, Consumer Demand in the United States: Analysis and Projections, 2d ed. Cambridge, MA: Harvard University Press 1970; L. Taylor and R. Halvorsen, “Energy in US Manufacturing,” Review of Economics and Statistics, November 1977; H. Wold and L. Jureen, Demand Analysis, New York: Wiley, 1953.

 

 

 

 

 

 

 

 

 

 

 

 

 

H. S. Houthakker and Lester Taylor, Consumer Demand in the United States: Analysis and Projections, 2d ed. Cambridge, MA: Harvard University Press 1970; Robert Archibald and Robert Gillingham, “The Review of Short Run Consumer Demand for Gasoline Using Household Survey Data,” Review of Economics and Statistics, 62 (November 1980), p. 622-628;J. M. Griffin, Energy Conservation in the OECD, 1980-2000 (Cambridge Mass: Ballinger, 1979);G.R. Lakshmanan and William Anderson, “Residential Energy Demand in the United States,” Regional Science and Urban Economics, 10 (August 1980), p. 371-386.

 

 

 

 

 

 

 

 

 

 

 

 

Mahlon Strazheim, An Econometric Analysis of the Urban Housing Market, (New York: National Bureau of Economic Research, 1975), Chapter 4.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S. Berry, J. Levinsohn and A. Pakes “Automobile Prices in Market Equilibrium,” Econometrica, July 1995.