Question

what is price elasticity of demand? mention any three important factors determining price elasticity of demand?​

Answer 1

Answer price elasticity of demand refer to the percentage change in quality demand over percentage change in price

Factors for price elasticity of demand

Time,price effect, nature of the commodity

Answer 2

Answer:

The four factors that affect price elasticity of demand are (1) availability of substitutes, (2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and (4) how much time has elapsed since the time the price changed.