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Determinants of Elasticity of Demand

Determinants of Elasticity of Demand

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What Are the Major Determinants of Price Elasticity of Demand?

What Is Price Elasticity?
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Definition: The Elasticity of Demand is a measure of sensitiveness of demand to the change in the price of the commodity. Determinants of Elasticity of Demand Apart from the price, there are sever Apart from price, there are several factors that influence the elasticity of demand.

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Price elasticity of demand has four determinants: product necessity, how many substitutes for the product there are, how large a percentage of income the product costs, and how frequently its purchased, according to Economics Help.

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Price elasticity of demand: The percent change in quantity demanded due to a 1% change in price. The price elasticity of demand (PED) is a measure of the responsiveness of the quantity demanded of a good to a change in its price. Start studying Four Determinants of Price Elasticity of Demand. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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Elasticity of demand measures the responsiveness of demand to a change in price. Inelastic demand means a change in price causes a smaller % change in demand. It . Determinants of Price Elasticity of Demand. Various factors influence the price elasticity of demand. Here are some of them: 1. Substitution Effect: If a product can be easily substituted, its demand is elastic, like Gap's jeans.