Estimated Long-run Price Elasticities of Demand Item Elasticity coefficient Medical care 0.92 Housing 1.88 Petrol 0.70 Motor cars 2.24 Holiday Travel 2.4 Referring to the table above, which of the following statements are correct? Housing is more demand elastic than travel. Housing and Motor cars are demand inelastic. Travel companies should increase their air ticket for holiday-makers to earn more revenue. Consumers are more sensitive to price changes in housing and petrol, but less sensitive to price changes in medical care and petrol