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Roberts and Schlenker (2013) estimate the price elasticity of demand for agricultural commodities to be about -0.08 to -0.05. These are elasticities estimated over much smaller changes in $p$ and $q$ than you are suggesting. Remember that the elasticity is effectively percent change in $q$ for a percent change in $p$, so we can ask what the percent change in ...


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Car prices haven’t gone up due to the majority of auto makers profits being from the truck and SUV market. Trucks and SUVs have gone up 40% since 2007. I bought a brand new GMC 1500 in 2007 for \$20,000. That same truck today is \$29,000. (\$20,000 X 1.45 = 45% inflation. As well the price of heavy equipment, trailers, and diesel trucks have gone up 30-40%...


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