determinant of price elasticity of supply, Microeconomics

Assignment Help:
Assume there is a remote area in china with high population.The area is composed exclusively of apartments and is populated by low-income residents .The people tend to stay in that area because
(1) They cannot afford to live in other areas in China,
(2) They prefer to live with people of their own ethnic group,or
(3) There is discrimination against them in other areas.Rents paid are a very high percent of people'' income.

a. would the demand for apartments in this area be relatively inelastic or relatively elastic? state why

Related Discussions:- determinant of price elasticity of supply

Economics, Assume that a persion lives for three equal periods: Youth, Earl...

Assume that a persion lives for three equal periods: Youth, Early Adulthood and Late Adulthood. The person dies after later adulthood period ends. If one invests $200 in educatio

Consumer equilibirium, diagrammatically condition of consumer equilibirium

diagrammatically condition of consumer equilibirium

World trade organisation, WORLD TRADE ORGANISATION (WTO): The Internat...

WORLD TRADE ORGANISATION (WTO): The International Trade Organisation (ITO), originally, was proposed to be set up along with the World Bank and the IMF on the recommendations

Is the natural rate of unemployment includes frictional, Is the natural rat...

Is the natural rate of unemployment includes frictional, structural & seasonal unemployment?  The natural rate of unemployment contains frictional, structural & seasonal unempl

Marginal output, If the marginal product of labor is 45 units of output and...

If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $

Theories of Interest , Compare and Contrast Classical and Neo classical the...

Compare and Contrast Classical and Neo classical theory of interest

#titlwhat is the second best?, what is the second best?prove the theorem wi...

what is the second best?prove the theorem with the help of a diagram?

Theory of inter-temporal consumption, THEORY OF INTER-TEMPORAL CONSUMPTION:...

THEORY OF INTER-TEMPORAL CONSUMPTION: In the previous two units, we have been concerned with choices among contemporaneous commodities. An important class of choices made by c

Describe classical economics, Q. Describe Classical Economics? Classica...

Q. Describe Classical Economics? Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricar

Statistics, define statistics in plural and singular sense

define statistics in plural and singular sense

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd