Price elasticity of demand
Elucidate any four factors which affect the price elasticity of demand.
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A) Nature of Commodity: Requirements such as Salt, Kerosene oil and so on have inelastic demand and luxuries elastic demand.
B) Availability of substitutes: The Demand for goods which contain close substitudes is relatively much elastic and goods devoid of close substitutes having less elastic demand.
C) Different uses: Commodities which can be put to various uses contain elastic demand for instance electricity has different utilizations.
D) Habit of the consumer: The Goods to which consumers become habitual will contain inelastic demand. Illustration:? Liquor and Cigarette.
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When equilibrium moves from point a to point b, the merely market experiencing raise within quantity supplied is demonstrated into: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Discover Q & A Leading Solution Library Avail More Than 1448179 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1951904 Asked 3,689 Active Tutors 1448179 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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