Question
Elasticity of demand is based on which of the following
factors?Solution
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. If income elasticity is positive, the good is normal.
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Coconut testa oil made from reuse of virgin coconut oil are fit for consumption.
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