Question

explain the influences of following on price elasticity of demand of a good (a). substitute goods, (b). own price of good.. plz plz give proper answer.​

Answer 1

Explanation:

a)the commodities whose other substitute Goods are available in the market ,have elastic demands.

for example:tea whose coffee is available as a substitute, change in price of tea affects demand

salt has no substitute so price of salt does not affect it's demand

hope it helps you