List the Five Key Determinants of Price Elasticity of Demand

question 56

Essay

List the five key determinants of price elasticity of demand and explain how each determinant indicates if demand tends to be elastic or inelastic.

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Definitions:

Values

Fundamental beliefs or principles that guide an individual's or society's behavior and decision-making processes.

Persuasive Direct Request

A communication approach that clearly and convincingly asks for a specific action or response from the recipient.

Fund-raising Appeals

Requests or campaigns aimed at soliciting financial support for a cause, project, or organization.

Credibility

Ability to come across to the audience as believable.