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Determinants (Elasticity (PES (Spare Capacity, Stocks, Factor Mobility,…
Determinants
Elasticity
XED
R
elationship (Substitutes and Complements)
T
ime Period
YED
N
ature of Goods
the more basic, the lower elasticity
Level of
I
ncome
PES
S
pare Capacity
St
ocks
Factor
M
obility
T
ime Period
Barriers to
E
ntry
PED
S
ubstitutes
Degree of
N
ecessity
Proportion of
I
ncome
T
ime Period
Competitive Market
Demand
Y
ncome
P
rice of Related Goods
T
astes & Preferences
E
xpectations
G
overnment
Supply
C
ost of Production
T
echnology
R
elated Goods
E
xpectations
T
axes & Subsidies
Number of
S
ellers
Macroeconomics
LRAS
Technology
Quantity of Resources
Quality of Resources