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I think your facts are plausible but your terminology is wrong. The market can be elastic if either the supply or the demand is elastic, or both. You are saying
by whatshisface 5y ago
I think your facts are plausible but your terminology is wrong. The market can be elastic if either the supply or the demand is elastic, or both. You are saying that the price is not elastic but then contradicting yourself by correctly saying that supply changes change the price.
- dredmorbius 5y agohttps://onlinelibrary.wiley.com/doi/abs/10.1093/aepp/ppr011 https://onlinelibrary.wiley.com/doi/abs/10.1093/aepp/ppr011
- whatshisface 5y agoThat's a paper talking about agricultural land use...
- dredmorbius 5y agoIt details how and why land is price inelastic, and how elasticity is defined. Economically, ag and urban land behave similarly. To wit: they're not making it any more. The supply is price-inelastic. Your understanding is incorrect.
- whatshisface 5y agoTenants in cities don't rent land, they rent housing. You can vary the amount of housing on a plot by making investments.