Question

What are the long-term factors affecting the demand for primary commodities? Discuss and explain major international commodity agreements?

Answer 1

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1) Nature of commodity: Elasticity of demand of a commodity is influenced by its nature.

2) Availability of substitutes: Demand for a commodity with large number of substitutes will be more elastic

3) Income Level

4)Level of price

5)Postponement of Consumption

6)Number of Uses

7)Share in Total Expenditure

8)Time Period

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