Micro 2.4-Determinants of Elasticity Mashup

Low Number of Available Substitutes

Broadly Defined

High Resource Availability

Few Firms

Long Time Horizon for Consumers

High Storage Capacity

Short Time Horizon for Producers

Low Resource Availability

Little Excess Productive Capacity

Short Time Horizon for Consumers

High Excess Productive Capacity

Little Storage Capacity

Large Number of Available Substitutes

Narrowly Defined

Luxury

Many Firms

Low Resource Mobility

Necessity

Good is Low % of Income

Long Time Horizon for Producers

High Resource Mobility

Good is High % of Income