What are the aspects of elasticity that make it so useful? (3 points)

What are the aspects of elasticity that make it so useful? (3 points)

Expert Solution

Answer. There are some aspects or features of elasticity that make it so useful:

* Price level : price can affect the demand of goods or services.

* Income : Kinds of goods (luxury or giffen) depends upon the income of a consumer which have an impact on demand of an good.

* Alternatives : substitute goods can affect demand elasticity , which caused consumers to switch on the alternatives (on lesser prices).

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Rahul Sunny answered 3 years ago

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