Question

Determining factors and importance of elsticity of demand

Answer 1

Demand elasticity measures how sensitive the quantity demanded of a good or service is to changes in other variables. Many factors are important in determining the demand elasticity of a good or service, such as the price level, type of good or service, availability of a substitute and level of consumer income.

Answer 2

Explanation:

Demand elasticity measures how sensitive the quantity demanded of a good or service is to changes in other variables. Many factors are importantin determining the demand elasticityof a good or service, such as the price level, type of good or service, availability of a substitute and level of consumer income.