Question

2. Attempt any one of the following part:- 10
Marks
a () Discuss in brief the non-quantitative
methods of demand forecasting.
(1) Discuss in details the factors affecting the
elasticity of demand ​

Answer 1

Answer:

Factors affecting the elasticity of demand :

Explanation:

The four factors that affect

the

elasticity of demand are:

1. availability of substitutes
2. if the good is a luxury or a necessity
3. the proportion of income spent on the good
4. how much time has elapsed since the time the price changed

if income elasticity is positive, the good is normal.

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