alt Hacker NewsOf course demand is elastic.
Do you think, people will migrate to a city with an unaffordable housing (unaffordable for them)?
Unless you are living in North Korea, the competition is also there.
Of course demand is elastic.
Do you think, people will migrate to a city with an unaffordable housing (unaffordable for them)?
Unless you are living in North Korea, the competition is also there.
No, it is inelastic:
- inelastic means the demand is more or less independet of the price; you can't "just stop renting & living" if prices are going up, your options to bypass are highly limited -> therefore its called >inelastic<