Determinants of price elasticity of demand | APⓇ Microeconomics | Khan Academy

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Substitutes, timeframe, income share, luxury vs. necessity and narrowness of market impact price elasticity of demand.

AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.

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