Question

if more time available to the consumer for purchasing the commodity than demand for the commodity is elastic.why?​

Answer 1

Explanation:

Inelasticity and elasticity of demand refer to the degree to which demand responds to a change in another economic factor, such as price, income level, or substitute availability. Elasticity measures how demand shifts when other economic factors change. When fluctuating demand is unrelated to an economic factor, it is called inelasticity.