Question

What are the limitations of elasticity of demand?
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Answer 1

Explanation:

Disadvantage: because of the many changing factors that affect demand, it can be hard to know if the degree of elasticity measured in the past will be the same today or in the future. The extent to which demand for a product changes when consumers' real incomes change (i.e. after allowing for price rises/inflation).

Answer 2

Answer:

Disadvantage: because of the many changing factors that affect demand, it can be hard to know if the degree of elasticity measured in the past will be the same today or in the future. The extent to which demand for a product changes when consumers' real incomes change (i.e. after allowing for price rises/inflation).

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