What Factors Determine the Size of the Price Elasticity of Demand

question 313

Essay

What factors determine the size of the price elasticity of demand?

---

Definitions:

Evolutionary Psychologists

Scientists who study the psychological adaptations of humans to the changing physical and social environment, often focusing on how evolution has shaped the mind and behavior.

Behaviorists

Psychologists who focus on observable behaviors and the ways in which environment determines behavior, excluding mental processes.

Cognitive Neuroscientists

Scientists who specialize in studying the neural mechanisms underlying cognition, including thoughts, memories, and language.

Behavior Geneticists

Scientists who study the role of genetics and the environment in shaping behavior, often through twin, adoption, and family studies.