New single family homes in Chicagoland Historically, the market for single family homes in Chicago and Chicago surrounding areas is quite weak. However, in order to define whether the new single family homes in Chicagoland features elastic or inelastic demand, it is important not only to provide with conclusions, but rather to explain what is meant by elastic demand and inelastic demand, and then to comment on whether the new single family homes point towards elastic or inelastic demand, and then to make an overall statement. So, generally, elastic demand means that the quantity demanded changes a lot when the price changes. In these terms, elastic means responsive (Economics Interactive Tutorial – Elasticity).
At the same time, inelastic demand means that the quantity demanded doesnt change a lot when the price changes (Elasticity of Demand, 2007).
In these terms, inelastic means unresponsive.
There are four basic criteria used to determine whether the demand is relatively elastic or inelastic: luxury or necessity, availability of viable substitutes; time dimension of the purchase decision; and the percentage of the buyers overall expenditure budget required to purchase the good or service. Being based on these criteria, it is possible to make an assumption that the new single family homes in Chicagoland, the demand is elastic, as far as the new single family homes become cheaper; the new single family homes are not luxury but necessity; the demand is also elastic not because of population change but because of changing household size. Finally, it is possible to make a conclusion that because the new single family homes demand is all about the availability at a price point. In such a way, the new single family homes demand in Chicagoland is elastic. References Economics Interactive Tutorial – Elasticity. (n.d.).
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Retrieved January 21, 2008, from http://hspm.sph.sc.edu/COURSES/ECON/Elast/Elast.ht ml Elasticity of Demand. (2007, July).
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