Explain the various factors that affects elasticity of demand.
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Factors that affects elasticity of demand are,
* Nature of Goods
* Availability of subsitutes
* Alternative use
* Possibility of postponding consumption
* Price level
* Proportion of income spent
* Force of habit
* Durability of commodities
* Income level
* Nature of Goods
* Availability of subsitutes
* Alternative use
* Possibility of postponding consumption
* Price level
* Proportion of income spent
* Force of habit
* Durability of commodities
* Income level
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