Condo sales numbers in and around Toronto have taken a drastic tumble so far this year, and now that the market is starting to lean towards buyers …
Condo sales numbers in and around Toronto have taken a drastic tumble so far this year, and now that the market is starting to lean towards buyers …
Demand was elastic until it wasn’t.
Isn’t it inelastic (D changes at a less than proportional rate to price) or have I got it mixed up?
Correct- essentials tend to be inelastic.
They may have the incorrect belief that elasticity is the ability to absorb a price change, rather than how much Q changes when hit with a change in P