Elastic means flexible demand and Inelastic means Fixed demand.
- Availability of substitutes
- Postponement of consumption
- Proportion of expenditure (needles: inelastic; TV: elastic)
- Nature of the commodity (necessity vs. luxury)
- Different uses of the commodity (paper vs. ink)
- Time period (elastic in the long term)
- Change in income (necessaries: inelastic)
- Habits
- Joint demand
- Distribution of income
- Price level (very costly & very cheap goods: inelastic)
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