Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Discover how price levels, consumer income, substitutes, and product types impact demand elasticity for goods and services, influencing consumer decisions.

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Disclaimer: Calculator results and default inputs are ...