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What are the factors determining the price elasticity of demand for a good?

Asked by Topperlearning User 25th April 2016, 9:33 AM
Answered by Expert

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

Answered by Expert 25th April 2016, 11:33 AM
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