Selected Income Elasticities
- Automobiles 2.98
- Books 1.44
- A persons own life (also called Value of Statistical Life) 0.50 to 0.60
- Restaurant Meals 1.40
- Tobacco 0.64
- Margarine −0.20
- Public Transportation −0.36
Income elasticities are notably stable over time and across countries.
Read more about this topic: Income Elasticity Of Demand
Famous quotes containing the words selected and/or income:
“The best history is but like the art of Rembrandt; it casts a vivid light on certain selected causes, on those which were best and greatest; it leaves all the rest in shadow and unseen.”
—Walter Bagehot (1826–1877)
“Work though we must, our jobs do not automatically determine our priorities concerning our marriages, our children, our social life, or even our health. It’s still life, constrained as it may be by limited disposable income or leisure time, and we’re still responsible for making it something we enjoy or endure.”
—Melinda M. Marshall (20th century)