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q.How does the nature of a commodity influence the price elasticity of demand?
Ans Elasticity of demand of a commodity is influenced by its nature.A commodity for a person may be necessities,a comfort or a luxuries.
.when a commodity is a necessity like food grains,vegetables,medicines,etc,its demand is generally inelastic as it required for human survival and demand does not fluctuate much with change in price.
.when a commodity is a comfort like fan,refrigerator etc its demand is generally elastic as a consumer can postpone it consumption
.when a commodity is a luxury like AC,DVD player ,etc its demand generally more elastic as compared to demand for comforts