Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

Exercise 33

Table reports an estimated price elasticity of demand for electricity of ?1.14. Explain what this means with a numerical example. Does this number seem large? Do you think this is a short- or long-term elasticity estimate? How might this estimate be important for owners of electric utilities or for bodies that regulate them?
Table Representative Price and Income Elasticities of Demand