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Answer to Question #96423 in Microeconomics for Siaw Bright
Question #96423
In your college town, real estate developers are building thousands of new student-friendly
apartments close to campus. if you want to pay the lowest rent possible, should you hope
that demand is elastic or inelastic?
a. elastic
b. inelastic
apartments close to campus. if you want to pay the lowest rent possible, should you hope
that demand is elastic or inelastic?
a. elastic
b. inelastic
Expert's answer
it is elastic because in elastic demand the quantity demanded responds to price changes in a greater than proportional manner
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