Question

briefly explain determinants of elasticity of demand.

Answer 1

Heya

Three factors that affect the numerical valueof the price elasticity of demand and the price elasticity of supply--availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demandand/or supply for a good can change if these determinants change.

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Answer 2

Hiiiii.....

Answer is....

Determinant
1. The Availability of Substitutes: Of all the factorsdetermining price elasticity of demandthe availability of the number and kinds of substitutes for a commodityis the most important factor.

If for acommodity close substitutes are available, its demand tends to be elastic.

Three factors that affect the numerical valueof the price elasticity of demand and the price elasticity of supply---------------

Availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demandand/or supply for a good can change if these determinants change.

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