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State 3 factors which affect price elasticity of demand. - Economic Applications

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Question

State 3 factors which affect price elasticity of demand.

Short/Brief Note
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Solution

Three factors which affect price elasticity of demand are:

  1. Nature of commodity
  2. Availability of substitutes
  3. Habits
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Chapter 2: Elasticity of Demand - QUESTION BANK [Page 46]

APPEARS IN

Goyal Brothers Prakashan Economic Applications [English] Class 10 ICSE
Chapter 2 Elasticity of Demand
QUESTION BANK | Q 16. | Page 46
Goyal Brothers Prakashan Economics [English] Class 10 ICSE
Chapter 3 Elasticity of Demand
QUESTION BANK | Q 16. | Page 77

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