Answer
Determinants of price elasticity of demand include various aspects like availability of resources, time horizon, definition of market, and whether or not the item is a luxury. To define elasticity of demand is to think about necessities vs wants and time horizon.
Work Step by Step
Think first about luxury vs wants. Luxury items have a high elasticity because it can be substituted for another good. You dont need the best products as long as you can buy a cheaper one. Medicine and items as such are not elastic because if it depends on someone's life it can be a necessity. Of course over time elasticity increases because in the long run changes can be made.
