Abstract
This paper empirically investigates the relevance of the standard economic theory of demand, as expressed in the concept of elasticities, in the period of economic transition from a centrally planned to a market economy. From the econometric point of view, the technical subject of this paper is an application of the multivariate regression model in the context of estimation of the linear system of demand equations. The results of this article confirm that in accordance with standard stylized facts the demand for a wide group of food such as meats is price inelastic. In a deeper disaggregation to the level of individual kinds of meat, there exists the potential for changes in demand dependent on price changes. The results of this project show that the Czech retail meat market behaved during the years of economic transition in a way consistent with the behaviour of a market economy as postulated by intuition, by economic theory and by empirical results from developed market economies.
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