Write any three factors affecting elasticity of demand???
Answers
Factors affecting elasticity of demand are......
** Nature of the commodity.....
If the commodity is a necessary thing then it's demand is inelastic because we can't stop to consume it at high prices also....
If the commodity is a luxary ,, then we can stop at at high prices...so it is elastic in nature.....
** Habit of the consumer.....
If a consumer get addicted to consume a thing then price doesn't matter for him so in case demand is inelastic....
Example,, liquor is consumed at any cost...
** Income level....
If the consumer is rich then in every case his demand will be inelastic because he can afford goods at high value also...
In case of low income level demand is elastic...
""""""" Be Brainly ....
Various factors which affect the elasticity of demand of a commodity are:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:Income Level:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:Income Level:Level of price:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:Income Level:Level of price:Postponement of Consumption:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:Income Level:Level of price:Postponement of Consumption:Number of Uses:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:Income Level:Level of price:Postponement of Consumption:Number of Uses:Share in Total Expenditure:
Various factors which affect the elasticity of demand of a commodity are:Nature of commodity:Availability of substitutes:Income Level:Level of price:Postponement of Consumption:Number of Uses:Share in Total Expenditure:Time Period: