Question

what is influence of time period on price elasticity of demand​

Answer 1

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Implies that the price elasticity of demand largely depends on time that consumers take to adjust themselves with new prices of a product.The longer the period of time, higher the elasticity of demand .This is due to the fact that over a period of time ,consumers get adjusted to change in prices or new prices.

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Answer 2

Price elasticity of demand increases with time. It takes time for consumers to respond fully to a change in price of a good and to change their spending habits. Consumers need time to gather information such as whether the price change is going to last or to discover alternatives before switching their consumption patterns.