Economy, asked by soniapoorva90, 8 months ago

what are the factors affecting the price ELASTICITY OF DEMAND

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Answered by srishtipriya27

There are several factors that affect how elastic (or inelastic) the price elasticity of demand is, such as the availability of substitutes, the timeframe, the share of income, whether a good is a luxury vs. a necessity, and how narrowly the market is defined.

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