What are the determinants of elasticity?

The degree of need for a product is one of the determinants of elasticity, but what are some of the other determinants?

There are several factors which determine the degree of elasticity of a product in the market, some of the factors are:

Taste and preferences - when the market participants are believed to have a major dependent Upon A certain product due to the favourable taste or preferences of the consumers regarding that product then that product is believed to be relatively less elastic and vice versa.

Time period - the elasticity for a certain product is believed to be higher in the long run in comparison to the short run due to the higher capability of the consumers to alter their consumption behaviour in regard to a certain product in the long run in comparison to the short run.

The price level of other products - In case of substitute products the cross price elasticity is believed to be positive where is on the other hand in case of complementary products the cross price elasticity is believed to be negative.