ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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necessity or luxury
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# of buyers or population
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% of income
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time
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Detailed explanation-1: -’Sanitary conditions’ is not a factor for determining the price elasticity of demand.
Detailed explanation-2: -the cost of producing the product will not affect the elasticity of demand for a product.
Detailed explanation-3: -The four factors that affect price elasticity of demand are (1) availability of substitutes, (2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and (4) how much time has elapsed since the time the price changed.
Detailed explanation-4: -So hence we can say that the coast elasticity of demand is not a type of elasticity of demand, hence a option is got it.
Detailed explanation-5: -Four types of elasticity are demand elasticity, income elasticity, cross elasticity, and price elasticity.