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Price Elasticity of Demand:
Survey Sez….
Product Short-run Long-run
Cigarettes - 0.4
Electricity (residential) 0.1 1.9
Air Travel 0.1 1.9
Medical Care/Hospitalization 0.3 0.9
Gasoline 0.4 1.5
Milk 0.4 1.5
Fish (cod) 0.5
Wine 0.7 1.2
Movies 0.9 3.7
Natural Gas (residential) 1.4 2.1
Automobiles 1.9 2.2
Chevrolets 4.0