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
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