Question

Assume an area in a city which is majorly composed of apartments and low-income residents are living there. The people tend to stay in that area because (1) they cannot afford to live in other areas, (2) they prefer to live with people of their own ethnic group, or (3). Rents paid are a very high percent of peoples' incomes. Given the case answer the following- (1) Comment on the elasticity of demand and supply for apartments with reasons. (2) If the government creates a rent supplement program over 20 per cent of the income spent on rent. Analyze the results of this program graphically. (3) Assume that the government decides to provide a building subsidy to people who build apartments in this low-income area. A certain percent of their costs will be paid by the government. Analyze the results of this program graphically​

Answer 1

Answer:

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Answer 2

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