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1- Availability of substitutes
2- Amount of income available to spend on the good
3- Time
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Factors affecting income elasticity of demand?
The income factor affecting income elasticity of demand is weather or not goods are necessities of luxury.
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
Factors affecting cross elasticity of demand?
1.degree of necessity 2.peak and off-peak demand
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What factors affect elastic of demand?
There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.
Factors affecting income elasticity of demand?
The income factor affecting income elasticity of demand is weather or not goods are necessities of luxury.
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
Factors affecting cross elasticity of demand?
1.degree of necessity 2.peak and off-peak demand
Factors influencing the price elasticity of demand?
Very good answer here: http://tutor2u.net/economics/content/topics/elasticity/elastic.htm
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
Factors affecting elasticity of demand for coke?
availability of substitutes is one of the major factor
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
Would the concepts of cross elasticity of cross elasticity of demand and income elasticity of demand be of any interest to a pharmaceutical company?
I am at a loss for the answer please help me.
Method for measurement of Elasticity of Demand?
there are three methods of measuring elasticity of demand
Cross elasticity of demand?
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.
What is Short run and long run price elasticity of demand?
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
