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Explain 5 factors that affect price …

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Explain 5 factors that affect price elasticity of demand

Posted by Hamza Affan 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Anchal Shukla 6 years, 2 months ago

1.nature of commodity :luxuries have more elastic demand as compared to comforts, whereas, necessities have less elastic demand. 2.availability of substitutes :demand is more elastic in case of more substitutes. 3.income level :demand is more elastic in case of lower income groups. 4.level of price :expensive goods are more elastic. 5.time period :demand tends to be more inelastic in short term than in long term.

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