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Elasticity for Consumables and Durable Goods

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I am stuck on the following question:

Compare and contrast your best estimates (or reasonable 'guesstimates') of the price elasticity and income elasticity for the personal consumables versus the consumer durables. Specify the assumptions that you make.

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This solution provides a brief discussion on price elasticity and income elasticity for personal consumables as opposed to consumer durables. Additionally, this solution includes four reference sources for additional reading and research on the topic of consumables and durables.

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Price elasticity for personal consumables:

Consumables are products that have the inherent characteristics of being consumed at once. These are the products that are used up easily and need to be replaced periodically. These are products that easily wear out. Examples are fresh foods, fish products, and ink cartridges for your printer, paper, pens, bottled water, and similar items. Elasticity for personal consumables is inelastic due to the fact that they ...

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