|
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 |
|
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 |
|
|
|
-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) |
|
|
|
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 |
||
|
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.