Question

two important factors which make difference in the elasticity of demand for different commodities are

Answer 1

Answer:

Elasticity is a general measure of the responsiveness of an economic variable in response to a change in another economic variable. Economists utilize elasticity to gauge how variables affect each other. The three major forms of elasticity are price elasticity of demand, cross-price elasticity of demand, and income elasticity of demand.

Explanation:

Elasticity is a general measure of the responsiveness of an economic variable in response to a change in another economic variable.