Is there a website source that tries to measure elasticity of products? For example necessities are less elastic than luxury products.
Of course not every food product has the same elasticity. For example a wagyu steak vs normal ground beef.
I’ve tried finding but i had no success. Is this because people don’t care about it or it is simply not feasible to really measure it with some numbers?
EDIT:
I know there are elasticity based on entire sectors but not for specific countries for example. Increasing gas prices for example can have different impact to the demand depending on the country.
How is elasticity of products measured and where can I find it?
byu/a_kato inAskEconomics
Posted by a_kato
2 Comments
Because the elasticities are going to change over time, and so compiling multiple elasticities at any given point in time (which is going to be based off of assumptions on the shape and curvature of the demand curve OR an average) is not really going to be helpful.
Edit: also the sheer number of products and product categories, and how you define them.
government agencies are an okay source for this. eg the USDA publishes some food elasticities. the department of transit publishes gas elasticities
– https://www.ers.usda.gov/topics/food-choices-health/food-consumption-demand/food-demand-analysis