Question

DHA supply of land is perfectly inelastic.last year there was rise in demand for land in DHA .what will be the impact on the price of land ?​

Answer 1

Answer:

If the percentage change in price is equal, though opposite, to the percentage change in quantity, then supply elasticity is unit elastic. For instance, the supply of land is generally inelastic, because, as Will Rogers once quipped, they're not making any more of the stuff