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Question: Using economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.
Answer (Note That This is Not the Complete Answer But Just a Part of it): Price elasticity is defined as the percentage change in quantity demanded of a commodity for a percentage change in its price. It usually takes the value of 1 when it is unitary elastic where the percentage change in quantity demanded is equal to the percentage change in price. When the PED is greater than 1, it is said to be relatively elastic and when it is lesser than 1, it is said to be relatively inelastic (EconomicsHelp, 2017).
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