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Economics

Four factors that influence the price elasticity of demand

There are 4 factors that influence the price elasticity of demand:
- The availability of substitutes
- The specific nature of the good
- The part of income spent on the good
- The time consumers have to buy the good

Choose a product you have purchased in the past month from a clothing or shoe store.

Describe how each of the 4 factors contributed to the elasticity of the good.

Is the product considered elastic, inelastic, or unitary elastic?

What effect does the current supply and current demand have on this product?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9212653

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