The conversation between human and AI assistant.
How do you measure elasticity of demand?
That makes sense. Are there any other factors that can affect elasticity of demand?
Yes, there are several factors that can affect elasticity of demand, such as availability of substitutes, necessity of the good or service, how much of a person's budget is devoted to the good or service, and the length of time a person has to make a decision about purchasing the good or service.