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How is price elasticity of demand …

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How is price elasticity of demand affected by number of substitute available for the good and nature of good

Posted by Nishu Nishu 7 years, 7 months ago

CBSE > Class 12 > Economics

1 answers

Syed Khabib 7 years, 7 months ago

Availability of substitute -when there is substitute of a commodity available in the market then demand for such commodity will be more elastic. If price of a commodity rise then consumer wil shift to other commodity. When there is no substitute available in the market then demand for such a commodity will be inelastic. **Nature of a commodity or good -When a commodity is necessary for life then demand of a commodity will be inelastic because these goods are essential for survival. When a commodity is comfort like refrigerator, ac have semi elastic demand. When a commodity is luxurious like costly furniture, Mercedes, have more elastic demand .

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