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    In The Home Building Industry Is Price Elasticity Of Demand Considered Elastic Or Inelastic? Are There Substitutes Available?

    Please answer the question I had asked up above.

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    Boris

    Home prices are elastic. Consider what happens with a large company moves into an undeveloped area - both existing and new housing prices skyrocket. Substitutes are available - apartments being the best known. Another substitute is commuting - buying a house in a lower priced area and driving to work.

    answered 1 year ago   

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