Micro 2.4-Determinants of Elasticity Mashup

Low Resource Mobility

Short Time Horizon for Producers

Short Time Horizon for Consumers

High Excess Productive Capacity

Broadly Defined

Little Storage Capacity

Low Resource Availability

Luxury

Good is Low % of Income

Long Time Horizon for Consumers

Few Firms

Narrowly Defined

Large Number of Available Substitutes

Necessity

Good is High % of Income

Long Time Horizon for Producers

High Resource Mobility

Low Number of Available Substitutes

High Resource Availability

Many Firms

Little Excess Productive Capacity

High Storage Capacity