Economy, asked by pramanikranjan067, 7 months ago


Define price elasticity of demand and explain four determinants of demand
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Answers

Answered by Anonymous
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.

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