Time:

The demand for a product tends to be more elastic in the longer period of time and less elastic in the shorter period of time.  This is beacuse consumers need a longer time to adjust to changes in price.  In the case of substitutes like electricity and gas cookers, if the price of electicity goes up it will take time for consumers to switch over from electicity cooker to gas cooker for consumers need time to acquire the gadgets.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd