What are the factors that influence the elasticity of supply and demand of textile industry?
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Heya...
Factors that influence the elasticity of supply and demand of textile industry..
1 Nature of the commodity...
Demand elasticity... As textile is not our necessary need and we can used up this as luxary so it's demand is elastic in nature because we will buy this when price will low...
Supply. ... Textile is a durable good so it is elastic in supply becz it will a perfect time to increase price for producer...
2 Technique of production..
In term of supply elasticity if technique will less expensive then producer will produce more and it's supply increase then it is elastic....
3 Price level..
If we want to purchase good as in terms to price comparison then elasticity is low at low price and high at high price..
Factors that influence the elasticity of supply and demand of textile industry..
1 Nature of the commodity...
Demand elasticity... As textile is not our necessary need and we can used up this as luxary so it's demand is elastic in nature because we will buy this when price will low...
Supply. ... Textile is a durable good so it is elastic in supply becz it will a perfect time to increase price for producer...
2 Technique of production..
In term of supply elasticity if technique will less expensive then producer will produce more and it's supply increase then it is elastic....
3 Price level..
If we want to purchase good as in terms to price comparison then elasticity is low at low price and high at high price..
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