9. State three factors which affect price elasticity of Demand
Answers
Answered by
1
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. We explore each of these in this video.
Similar questions
Math,
3 months ago
Hindi,
3 months ago
Computer Science,
6 months ago
Math,
6 months ago
Social Sciences,
11 months ago
Math,
11 months ago
Math,
11 months ago