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The table below shows the price and income elasticities of demand in the UK for various foodstuffs.
With the exception of lamb, all the foodstuffs have a price inelastic demand. The lower the price elasticity of demand, the more the price is likely to fluctuate with any change in supply, and hence the greater will be the variability of farmers' and other food producers' incomes.
Also, all the foodstuffs have an income inelastic demand. The lower the income elasticity of demand, the less will demand rise as national income rises, and hence the more slowly will farmers' and other food producers' incomes rise over time.
Foodstuff Price elasticity of demand (1988-2000) Income elasticity of demand (1998-2000)Bread -0.94 0.12Milk -0.17 -0.17Cheese -0.35 0.23Lamb -1.23 0.15Pork -0.94 0.13Fresh fish -0.69 0.31Eggs -0.28 -0.01Fresh potatoes -0.12 0.09Fresh green vegetables -0.66 0.27Frozen peas -0.68 0.06Bananas -0.32 0.12Cakes and biscuits -0.56 0.13All foods n.a. 0.20
Questions
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