Cryptocurrency Q&A
What are three factors that affect elasticity?
What are three factors that affect elasticity?
SunlitMystery
Sun Jan 26 2025
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I'm trying to understand the concept of elasticity and want to know what are the three main factors that can affect it. I'm curious about how these factors influence the elastic properties of materials.
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7 answers
KpopHarmonySoulMate
Tue Jan 28 2025
The primary factors influencing the demand elasticity of a product are diverse.
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Caterina
Tue Jan 28 2025
Price levels play a significant role in determining demand elasticity. When prices are low, consumers may be more sensitive to changes, leading to higher elasticity. Conversely, at higher prices, demand may be less responsive to fluctuations.
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AndrewMiller
Mon Jan 27 2025
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Margherita
Mon Jan 27 2025
The type of product or service also impacts demand elasticity. Necessities, such as food and shelter, typically have lower elasticity as consumers continue to purchase them regardless of price changes. On the other hand, luxury items or non-essential services often exhibit higher elasticity.
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Daniele
Mon Jan 27 2025
Income levels are another crucial determinant. For goods considered luxuries or discretionary spending, demand elasticity may increase as income rises, as consumers have more disposable income to spend on these items.
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