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2 years ago

Can someone Plss help

Business

1 answer:

Thepotemich [5.8K]2 years ago

5 0

The factors that can impact the elasticity of demand are:

necessity versus luxury

availability of substitutes

<h3>What is the elasticity of demand?</h3>

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

The more close substitutes a good has, the more elastic its demand. This is because if price is increased, consumers can easily shift to the consumption of an alternative product.

Goods that are deemed as necessities usually have an inelastic demand. While goods that are deemed a luxury usually have elastic demand.

To learn more about price elasticity of demand, please check: brainly.com/question/18850846

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