Suppose housing cost in Memphis has been increasing in 2020 compared with 2019. On the other...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Suppose housing cost in Memphis has been increasing in 2020 compared with 2019. On the other side, demand for houses and apartments in the city goes up really fast as well. Recall the Law of Demand. As an economist, you are asked by city council to figure this puzzle out. How would you explain this pattern ? A. In large cities as Memphis, the law of demand of demand does not always hold. B. The higher demand of housing came from over-supply in 2019. C. There are some factors other than price shifted housing demand curve to the right. D. Housing market in Memphis is special. There is an upward sloping demand curve. Suppose housing cost in Memphis has been increasing in 2020 compared with 2019. On the other side, demand for houses and apartments in the city goes up really fast as well. Recall the Law of Demand. As an economist, you are asked by city council to figure this puzzle out. How would you explain this pattern ? A. In large cities as Memphis, the law of demand of demand does not always hold. B. The higher demand of housing came from over-supply in 2019. C. There are some factors other than price shifted housing demand curve to the right. D. Housing market in Memphis is special. There is an upward sloping demand curve.
Expert Answer:
Answer rating: 100% (QA)
C There are some factors other than price shifted h... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
At the beginning of the current Year ("Year 1"), C Corporation ("C") had two shareholders, A and B, and accumulated E&P of $10,000. A's adjusted basis in his shares of C stock was $200 and B's...
-
At the beginning of the current season on April 1, the ledger of Tri-State Pro Shop showed Cash $3,000; Inventory $4,000; and Common Stock $7,000. These transactions occurred during April 2014. Apr....
-
At the beginning of the current year, Andy Company has equipment that originally cost $50,000, has $35,000 accumulated depreciation, and is being depreciated at $5,000 per year. Andy Company sells...
-
Describe how organizations should apply the general principles of the Uniform Guidelines on Employee Selection Procedures to practical selection decisions.
-
Suppose that the nine observations X1, . . . , X9 form a random sample from the normal distribution with unknown mean 1 and unknown variance 2, and the nine observations Y1, . . . , Y9 form an...
-
The trial balance of the Jason Company Ltd. shown below does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The...
-
Identify the relative advantages and disadvantages of probability-proportional-tosize sampling.
-
Pound Industries is attempting to select the best of three mutually exclusive projects. The initial investment and after-tax cash inflows associated with these projects are shown in the following...
-
Based on the flexible budget from Scenario 1, prepare a performance report if the company has the following actual costs for 3,500 units this month: Actual production was 3,500 units. Actual direct...
-
Calculate the value of goodwill of a company based on 2 years purchase of the super profit for the last 5 years. Given data Net Profit for Year 1 - $50,000 Year 2 - $45,000 Year 3 - $50,000 Year 4 -...
-
What type of algorithm is the following code? 1-0 while i
-
Starbucks (SBUX) Income Statement for 2018 contained the following financial data: Revenue Cost of Revenue Operating Expenses Interest Expense $22,387,000 $ 9,038,000 $ 9,452,000 $ 93,000 Using the...
-
During 2025, Tranquil Waters Spa reported revenue of $45,000. Total expenses for the year were $27,000. Tranquil Waters Spa ended the year with total assets of $32,000, and it owed debts totaling...
-
On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $30,400 and provided...
-
What is the value of a 1-year, $1,000 par value bond with a 10% annual coupon if its required rate of return is 10%? What is the value of a similar 10-year bond?
-
How long would it take an investment to double under each of the following conditions? (a) Interest is 4.2% compounded monthly. (Enter your answer as a whole number of years and months. Round your...
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
The balances in the perpetual inventory accounts of Hillsdale Manufacturing Corporation at the beginning and end of the current year are as follows: The total dollar amounts debited and credited...
-
Early in 2008, Septa, Inc., was organized with authorization to issue 1,000 shares of $100 par value preferred stock and 200,000 shares of $1 par value common stock . Five hundred shares of the...
-
Using the information in the ledger accounts presented in Exercise 3.3, prepare a trial balance for Avenson Insurance Company dated November 30.
-
a. Inverse Laplace transform of \(\bar{x}(s)\) b. Generalized impedance function c. Unit impulse response function d. Laplace transform e. Convolution integral f. Admittance function \(\bar{z}(s)=m...
-
An automobile, having a mass of \(1000 \mathrm{~kg}\), runs over a road bump of the shape shown in Fig. 4.49. The speed of the automobile is \(50 \mathrm{~km} / \mathrm{h}\). If the undamped natural...
-
An airplane, taxiing on a runway, encounters a bump. As a result, the root of the wing is subjected to a displacement that can be expressed as \[y(t)= \begin{cases}Y\left(t^{2} / t_{0}^{2} ight), & 0...
Study smarter with the SolutionInn App