Question

define elasticity.state two factor on which elasticity depends.​

Answer 1

Answer:

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Explanation:

Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.

The main determinants of a product's elasticity are the availability of close substitutes, the amount of time a consumer has to search for substitutes, and the percentage of a consumer's budget that is required to purchase the good.

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