Ease of substitutability, elasticity of product demand and the ratio of resource cost to total cost are all factors that determine the elasticity of resource demand.
Elasticity of resource demand refers to a measure of the responsiveness of firms to a small change in the price of a particular resource which is employed or used by them.
The elasticity of resource demand depends on whether there are any very close substitutes for the resource and how much the cost of the resource is required as the cost of the product.
Resource demand elasticity is calculated as the % change in resource quantity and it is divided by percentage change in resource price.
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