Factors determining elasticity of demand, Managerial Economics

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Factors determining Elasticity of demand

Ease of substitution.
Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive.
Consumers income.
The number of uses to which the good can be put.
Time factor.
The prices of other products.
Advertisements especially the persuasive ones.
Whether the use for the good can be postponed.
Human and economic constraints.

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