What are the 5 Determinants of elasticity of demand?
What are the 5 Determinants of elasticity of demand? Availability of substitutes, type or nature of a product, income, price, and time are the five known factors that affect the PED.Nature or type of Good. The Elasticity of Demand for a good is affected by its nature. Availability of Substitutes. Price Level. Income Levels. Time Period. What are the three main determinants of elasticity of demand? The main determinants of a product's elasticity are the availability of close substitutes, the amount of time a consumer has to search for substitutes, and the percentage of a consumer's budget that is required...