Question

Explain any five factors determining price elasticity of demand.

Answer 1

Answer:

these are the following factors for determining price elasticity of demand.

1.The number and kinds of substitutes: ...

2.The position of commodity in a consumer's Budget: ...

3.The number of uses of a commodity: ...

3.Complementarily between goods: ...

4.Time and elasticity:

Answer 2

$\huge\bold\red{ANSWER :-}$

$\huge\bold\black{factors\:determining\:price\:elasticity\:of\:demand :-}$

Many factors are important in determining the demand elasticity of a good or service, such as the

1. price level
2. type of good or service
3. availability of a substitute and
4. level of consumer income.

$\huge\bold\pink{For\:Example :-}$

luxury goods have a high elasticity of demand because they are sensitive to price changes.