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Explain one of the three determinants of elasticity of demand. Give an example of a good...

Explain one of the three determinants of elasticity of demand. Give an example of a good with a very high or low elasticity that can be explained by this.

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It can actually be mentioned that one determinant of elasticity of demand iswhether the good is normal or luxury good and if it is a luxury good it can be mentioned that the elasticity of demand would be greater than one or it is relatively elastic in nature and one instance of luxury good is Gucci shoes which is the luxury good and the elasticity of demand is high and this actually means that when the price increases the quantity demanded increases more proportionately and more people will buy the product all in all

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