What are the main factors affecting elasticity?
An example of an AI chatbot conversation about factors affecting elasticity in economics.
What are the main factors affecting elasticity?
The main factors affecting elasticity include the availability of substitutes, necessity vs luxury, and time period.
Can you explain how substitutes affect elasticity?
Sure! If there are many substitutes available, demand is more elastic because consumers can easily switch if prices rise.
What about necessities and luxuries?
Necessities tend to have inelastic demand since people need them regardless of price, while luxuries are more elastic.
How does the time period influence elasticity?
In the short term, demand may be inelastic, but over time, consumers can adjust their behavior, making it more elastic.
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