Micro 2.4-Determinants of Elasticity Mashup

Little Storage Capacity

Low Number of Available Substitutes

Short Time Horizon for Producers

High Excess Productive Capacity

Good is Low % of Income

Long Time Horizon for Producers

Good is High % of Income

High Resource Availability

Low Resource Availability

Necessity

Long Time Horizon for Consumers

Large Number of Available Substitutes

Low Resource Mobility

Short Time Horizon for Consumers

High Storage Capacity

Little Excess Productive Capacity

High Resource Mobility

Many Firms

Luxury

Broadly Defined

Few Firms

Narrowly Defined