What Determines the Price and Volume of Houses in Bishops Stortford and What Does the Future Hold :: essays papers

What Determines the cost and book of Houses in Bishops Stortford and What Does the Future HoldIntroduction The task that get out be investigated in this coursework is the problem of what determines the scathe and volume of gross revenue events of a detached (semi detached, terraced) mob or flat in Bishops Stortford and what are the prospects for house expenditures and sales in the future. I am looking into this problem because it impart alleviate me personally because I, myself, might need to find a house that I can afford to buy in the future.Theories The sparing theories that will assistant analyse the problem will be the theories of worth, claim and Supply, Price childs play of turn in, Income cracking of drive and put over elasticity of bespeak. DefinitionsPrice The cost of a good or service to a buyer. Cross elasticity of demand measures the responsiveness of criterion demanded of one intersection to the stir in price of another return, t he exact reflexion for cross elasticity for product x is dower flip-flop in criterion demanded of product xpercentage wobble in price of another product Income elasticity of demand measures the responsiveness of quantity demanded to a budge in income, the exact edict for income elasticity is percentage change in quantity demanded percentage change in income Price elasticity of supply is the family surrounded by change in quantity supplied and a change in price. The exact formula for price elasticity of supply is percentage change in quantity suppliedpercentage change in price occupy The quantity that a buyer is willing and able to buy over a point of time. For normal goods there is an inverse relationship between quantity demanded and the goods make price. Supply The quantity of a commodity that is offered for sale at a price over a period of time. at that place is usually a positive relationship between supply and price. mold also price elasticity of sup ply. The diagram below shows a public demand and supply curve. At a price of P3, demand will be Q2 that Q5 will be supplied. The price of P3 is too high-pitched for everything produced to be sold. redundant supply will exist (i.e. a daub when supply is great than demand, leading to an excess of commodities on the market).What Determines the Price and Volume of Houses in Bishops Stortford and What Does the Future Hold essays papersWhat Determines the Price and Volume of Houses in Bishops Stortford and What Does the Future HoldIntroduction The problem that will be investigated in this coursework is the problem of what determines the price and volume of sales of a detached (semi detached, terraced) house or flat in Bishops Stortford and what are the prospects for house prices and sales in the future. I am looking into this problem because it will help me personally because I, myself, might need to find a house that I can afford to buy in the future.Theories The economic theories that will help analyse the problem will be the theories of Price, Demand and Supply, Price elasticity of supply, Income elasticity of demand and Cross elasticity of demand. DefinitionsPrice The cost of a good or service to a buyer. Cross elasticity of demand measures the responsiveness of quantity demanded of one product to the change in price of another product, the exact formula for cross elasticity for product x ispercentage change in quantity demanded of product xpercentage change in price of another product Income elasticity of demand measures the responsiveness of quantity demanded to a change in income, the exact formula for income elasticity is percentage change in quantity demanded percentage change in income Price elasticity of supply is the relationship between change in quantity supplied and a change in price. The exact formula for price elasticity of supply is percentage change in quantity suppliedpercentage change in price Demand The q uantity that a buyer is willing and able to buy over a period of time. For normal goods there is an inverse relationship between quantity demanded and the goods own price. Supply The quantity of a commodity that is offered for sale at a price over a period of time. There is usually a positive relationship between supply and price. See also price elasticity of supply. The diagram below shows a general demand and supply curve. At a price of P3, demand will be Q2 but Q5 will be supplied. The price of P3 is too high for everything produced to be sold. Excess supply will exist (i.e. a situation when supply is greater than demand, leading to an excess of commodities on the market).