explain any three factors that affect price elasticity of demand of a commodity
Answers
Answered by
6
Answer:
Explanation:
Demand elasticity is the sensitivity of the demand for a good or service due to a change in another factor. Economists measure demand elasticity to determine how consumer behavior and spending patterns are affected when specific factors are considered.
Answered by
0
Answer:
Demand for goods which have close substitutes is relatively more elastic as when price of such goods rises , cansumer have the option of shifting to its substitudes
Similar questions