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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
answered-by-expert 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

Answered by | 25 Apr, 2016, 11:33: AM
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