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Price Point Impact. Even with a linear demand curve, price elasticity for any product. (including tobacco) varies as the price for that product varies. De-. mand tends to be relatively inelastic at lower price levels (due to. smaller income effects), but grows more elastic as price increases.
The recent period of food price volatility has alerted the world to profound changes that are occurring in the food system. Though prices may decrease in the short term there are a series of fundamental shifts occurring in the food system that, in the medium term, are likely to see significant increases in prices. Listen to Professor Charles Godfray discussing the impact of rising food prices.