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What Are Four Factors That Affect Elasticity?

The four factors that affect price elasticity of demand are (1) availability of substitutes, (2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and (4) how much time has elapsed since the time the price changed.

What Are Four Factors That Affect Elasticity?

In order to determine what factors affect elasticity, one must first understand what elasticity is. Elasticity is defined as the ability of a material to return to its original shape after being stretched or compressed.

A material is said to be elastic if it can be stretched up to twice its original length and still return to its original shape. A material is said to be inelastic if it cannot be stretched to twice its original length.

There are four main factors that affect elasticity: temperature, moisture, strain, and time. Temperature: At lower temperatures, molecules have less energy and are more likely to return to their original positions.

This results in a decrease in elasticity. As temperatures increase, molecules have more energy and are more likely to become displaced. This results in an increase in elasticity.

Moisture: The presence of moisture can lubricate the surface of a material, making it more elastic. Strain: The amount of force applied to a material affects its elasticity.

The more force that is applied, the more the material will stretch. However, if the force is too great, the material will break instead of stretching. Time: The longer a material is stretched, the more likely it is

 

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