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Microeconomics and macroeconomics

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Microeconomics and macroeconomics

  • This topic has 1 reply, 2 voices, and was last updated 3 days ago by Ken Garrett.
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  • August 6, 2022 at 9:54 am #662546
    LEOKANA
    • Topics: 1
    • Replies: 0
    • ☆

    The factors affecting price elasticity and do they affect it?

    August 7, 2022 at 5:40 am #662570
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 9995
    • ☆☆☆☆☆

    The main factors are:

    1 Are the goods luxuries or necessities? Necessities are usually price inelastic.

    2 If substitutes are available this will tend to make the goods price elastic.

    3 Strong brands usually tend to be price inelastic.

    4 Proporrion of income spent on the goods. If high, then the goods tend to be more price elastic.

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