any four factors demanding elasticity of demand
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Price of the Product. ...
The Consumer's Income. ...
The Price of Related Goods. ...
The Tastes and Preferences of Consumers. ...
The Consumer's Expectations. ...
The Number of Consumers in the Market.
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The four factors that affect price 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, and (4) how much time has elapsed since the time the price changed.
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