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TABLE 2.18: SHORT-RUN ELASTICITIES OF DIFFERENT TYPES OF VEHICLES

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TABLE 2.18: SHORT-RUN ELASTICITIES OF DIFFERENT TYPES OF VEHICLES (DEPENDENT VARIABLE IS THE DEMAND OF THE VEHICLE TYPE) Variable a Cars Motorcycles Tractors Per Capita Income 2.750* 3.423** 3.929* Price of Vehicle relative to Consumer Price Index b -0.218*** -0.274** -0.315* Rate of Interest -0.679* -0.624* -0.518* a All variables are measured in natural logs. b Import price is measured by the Unit value Index of Machinery and Transport Equipment Group and domestic price is measured by CPI of Transport and Communication Group. *, **, *** denote that the coefficients are significant at the 1, 5 and 10 percent level of significance. 34 Download 0.77 Mb. Share with your friends: