CBSE Class 12-commerce Answered
What are the factors determining the price elasticity of
demand for a good?
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
Expert Answer
The factors determining the price elasticity of demand for a good are as follows:
i. Nature of good
ii. Alternative uses of good
iii. Income of the consumer
iv. Availability of substitutes
v. Proportion of income spent on a commodity
vi. Habit of the consumer
vii. Price level
viii. Time period
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