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What are the factors that are effecting price elasticity of demand?

Anonymous

∙ 13y ago

Updated: 8/17/2019

Availability of substitutes, whether it is a neceesity or luxury, proportion of the purchaser's budget consumed by that item and permanent or temporary price changes.

Wiki User

∙ 13y ago

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Related Questions

How is the price elasticity of demand measured and what factors are considered in determining it?

The price elasticity of demand is measured by calculating the percentage change in quantity demanded in response to a percentage change in price. Factors considered in determining price elasticity of demand include the availability of substitutes, necessity of the good, and time period for adjustment.

Distinguish between price and income elasticity of demand?

distinguish between price elasticity of demand and income elasticity of demand

Why is determining demand elasticity important in economics?

What are the determined factors of price elasticity of demand

What are the 3 types of elasticity?

1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand

What is cross price elasticity demand?

Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.

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.

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 role of price elasticity of demand in business decision?

role of price elasticity of demand in managerial decisions

Distinguish between price elasticity and income elasticity?

The price elasticity refers to the change in demand due to the change in price. The income elasticity of demand on the other hand refers to the change in demand due to the change in income.

Factors influencing the price elasticity of demand?

Very good answer here: http://tutor2u.net/economics/content/topics/elasticity/elastic.htm

What is cross price elasticity?

Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.

What is a true statementregarding the price elasticity of demand?

Price elasticity of demand is positively correlated with the existence of substitute goods.

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