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Revision of common questions for unit 1

The housing market

PES
inelastic in SR due to the time needed to build etc
LR more elastic BUT depends on how much land is available rural vs. urban

Rented vs. owner occupied accommodation as substitutes

YES; choose
NO; financial situation decides for…

Page 2

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Education

Impact of rising tuition fees

Less competitive internationally in regards to the price of education
Less people go= merit good= market failure
More debt to pay off after earning a salary
More serious degrees e.g. science vs. make up degrees

Externalities

Benefits: LR able to get a highly paid…

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