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 …

    • BenGFHC@kbin.social
      6·
      6 months ago

      Isn’t it inelastic (D changes at a less than proportional rate to price) or have I got it mixed up?

      • HappycamperNZ@lemmy.world
        7·
        6 months ago

        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