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  • 15-03-2021
  • Business
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What are the major determinants of price elasticity of demand?

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Alneela
Alneela Alneela
  • 27-03-2021

Explanation:

The four factors that affect price elasticity of demand are

(1) availability of substitutes

(2) if the good is a luxury or a necessity

(3) the proportion of income spent on the good

(4) how much time has elapsed since the time the price changed.

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