Consider some determinants of the price elasticity of demand: The availability of close substitutes Product's share of the consumer's total budget A good with many close substitutes is likely to have relatively demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. The price elasticity of demand for a good depends on the price relative to consumers' income. Which of the of flowing goods has the most elastic demand? Shoes Car Swing set Coffee
