(Solved): Determinants of the price elasticlty of demand Consider the following list containing several price ...

Determinants of the price elasticlty of demand Consider the following list containing several price elasticity of demand determinants: The availability of close substitutes Whether a good is a luxury or necessity How broadly the market is defined The time horizon under consideration A good with no close substitutes is predicted to have relatively

demand, since consumers cannot easily swiech to a substitute good if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the least elastic demand? Exclusive wellness resorts Wheelchairs for people with disabilities