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State any four determimants of price elasticity of demand
.- abundance in substitute-goods: the presence of abundance in substitute-goods make the customer let to purchase it and it will demand the substitute-goods More abundance means more elasticity .- presence of barriers to quick change in prices; in [ some countries there is regulation for price of milk, no matter the situation of markets, the price must allignent to regulations; then no matter the demand, it is inelastic because regulations. More barriers means less elasticity. .- Relation between demand and supply: here there is a little difficult mathematician relation to understand. In
extreme cases where demand and supply are too oriented to one of them; then the elasticity is more low. .- Relation between P/Q. it is requiered mathematical explanations to tell why. source: yahoo ]
Expert answered|sharpies|Points 7449|
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Asked 4/25/2012 8:03:56 AM
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