Price elasticities of demand are minus one-half
As an empirical regularity for broad groups, price elasticities of demand are scattered around minus one-half, a result not inconsistent with preference independence. When nothing is known about the price-sensitivity of a good, a reasonable first approximation to its price elasticity is minus one-half.
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- Clements, Kenneth W., 2008.
"Price elasticities of demand are minus one-half,"
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