What are the major determinants of price elasticity of demand?

Answer

Price elasticity refers to how much price increases will affect demand. If something is highly price-elastic, when the price goes up, the demand goes down. If something is price-inelastic, the demand doesn't go down, even when the price goes up a lot. Gas is a common example of something which is price-inelastic. You need gas, so even if gas gets very expensive, you're just going to bite the bullet and buy it. But if we're talking about something like martian popping thingies, these are probably pretty price-elastic. You don't really need one, so you won't spend a lot of money on one.
Q&A Related to "What are the major determinants of price elasticity..."
Essential or non-essential good, Availability of substitutes, Time. when large numbers of close substitutes exist demand for that product tends to be elastic as consumers have alternatives
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Price elasticity of demand is how much demand changes for a product in relationship to a change in price. This change in measured as a percentage.
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determinant is how badly the consumer wants the good - whether it satisfies a basic need, and whether there are substitutes. Toothpaste in general would be most inelastic, since you
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Elasticity is the responsiveness of demand to a change in price. You can figure out the PED (price elasticity of demand) with the following formula; % change in quantity demanded/
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