Factors that affect/determinants the elasticity of demand
- Nature of the product
- Availability of substitutes
- The number of users of a product
- Availability of complements
- Proportion of income spent on the commodity
- Level of income of the consumer
- Degree of necessity of the commodity
- Level of addiction in the use of the commodity
- Level of durability of commodity/nature of commodity
- The time period-short run/long run
- Speculation/expectation of price change
- Advertisement/level of awareness about a commodity
CATEGORIES Economics
TAGS Dr. Bbosa Science
