Which of the following factors is an important determinant of the magnitude of price elasticity of demand?

The important determinant of the magnitude of price elasticity of demand is the durability of the product. Price elasticity of demand refers to the degree to which the quantity demanded of a product changes in response to a change in the product's price. The more responsive the quantity demanded is to price changes, the greater the price elasticity of demand. The durability of a product is an important factor that determines how quickly consumers can find substitutes for the product. If a product is durable, then it is likely that consumers can delay their purchases until the price of the product falls or they can find a substitute. In this case, a small change in price will lead to a relatively large change in quantity demanded, making the demand for the product price elastic. Conversely, if a product is not durable, consumers may not be able to delay their purchases or find a substitute, making the demand for the product price inelastic. Therefore, the option that best represents an important determinant of the magnitude of price elasticity of demand is "Durability of the product".