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Elasticity (Limitations in calculating (Accurate statistics, Time lag, Non…
Elasticity
Limitations in calculating
Accurate statistics
Time lag
Non price factors
Income changes
XED
Factors
Complements and substitutes
Income level (cars and public transport vs cars and taxis)
-ve: complement goods
+ve: substitute goods
PED
Factors
Nature of good
Proportion of price to income
Time period
Availability of substitutes
YED
Factors
Level of income
Nature of good
PES
Factors
Ability of good to be stored
Availability of spare capacity
Behaviour of cost as output expands
Barriers to entry
Time period
Factor mobility