Elasticity of demand for petrol in Ireland - comment
Citation:
W. Brian Arthur, 'Elasticity of demand for petrol in Ireland - comment', Economic and Social Research Institute, Economic and Social Review, Vol.5 (Issue 1), 1973, 1973, pp105-110Download Item:
Abstract:
In an article in this journal (April 1972) W . K. O'Riordan estimated the price elasticity of petrol to be between minus 1.2 and minus 1.7. These values are surprisingly high. Petrol is expensive but the other major expenses in running a car, insurance, depreciation, road taxes, and maintenance, account for the greater part of the car owner's annual bill, perhaps as much as 75 per cent. W i th such a heavy annual investment in the privilege of driving, the motorist can hardly be expected to cut down his mileage significantly because of a petrol price increase. Petrol, we would suspect, is unlikely to be very price-elastic.
Author: Arthur, W. Brian
Publisher:
Economic & Social StudiesType of material:
Journal ArticleCollections
Series/Report no:
Economic and Social ReviewVol.5 (Issue 1), 1973
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Full text availableKeywords:
Petrol Demand, IrelandISSN:
0012-9984Metadata
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