Economy, asked by pk5821320, 1 month ago

6 Detine elasticity of demand what are the determinants of elasticity of demand

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Answered by sharmamanasvi007

Answer:

There are several factors that affect how elastic (or inelastic) the price elasticity of demand is, such as the availability of substitutes, the timeframe, the share of income, whether a good is a luxury vs. a necessity, and how narrowly the market is defined.

Explanation:

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