What Determines the Price and Volume of Houses in Bishops Stortford and What Does the Future Hold
Introduction
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 Bishop’s 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.
Definitions
Price: 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 is:
percentage change in quantity demanded of product x
percentage 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 supplied
percentage change in price
Demand: The quantity 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 good's 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).
The housing market is very unique as unlike other goods and services, houses have permanence, it is a fixed location good causing the rules of supply and demand to be taken to new extremes. In the case of the Toronto housing market we can view in almost real time the role supply and demand play on he ever increasing house prices, additionally the fundamental economic issue of scarcity is made extremely apparent by the limited size of the city of Toronto.
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There are many causes of water pollution, and the effects on the environment are directly related to the primary cause of the pollution. Therefore, each cause has to be examined for harmful effects. The National Oceanic and Atmospheric administration states nutrient pollution, "can lead to more serious problems such as low levels of oxygen dissolved in the water" (3). The dissolved oxygen levels being low lead to aquatic life dying. Nutrient pollution also can cause algae blooms which cause serious environmental problems affecting aquatic ecosystems, and which can cause dangerous health issues for animals and humans. Water pollution caused by sewage is an environmental problem. When sewage pollutes water it can be dangerous especially if it enters people 's source of drinking water as author Woodford states, "It is possible to catch illnesses such as hepatitis, typhoid, and cholera from river and sea water" (4). Chemical and radioactive runoff can be dangerous to humans as well. When water that is contaminated by chemicals is consumed by humans it can lead to sickness, paralysis or even death depending on the kind of chemical polluting the water and the concentration of the pollutant in the water. The Flint Crisis is an example of the damaging effect of chemical runoff, as the Flint communities ' water was contaminated by the lead pipes that carried the water resulting people in the affected communities ending up with lead poisoning. The environment and the animals are also impacted by chemical and radioactive runoff, increasing the death of organisms and decreasing biodiversity(3). Oil runoff water pollution is yet another example of water pollution. The effects oil runoff has on the environment are especially debilitating. The oil spill in the Gulf of Mexico for example, hurt not only aquatic life, but also land animals. The oil would get on to anything that touched the
The Price Elasticity of Demand (commonly known as just price elasticity) measures the rate of response of quantity demanded due to a price change. The formula for the Price Elasticity of Demand (Ep)
In its most basic form, sociology is “the study of how society is organised”, investigating “the origin, development, organisation and functioning of human society.” Socio-legal studies, on the other hand, analyse the law from a range of perspectives, giving rise to a range of social-legal methods of research “by bringing to bear the insights of other disciplines, including economics and other social sciences, history, literary theory, philosophy, and more.” This has led some to comment that socio-legal methods of research could be considered “a scholarly field distinguished by its commitment to interdisciplinary dialogue and multidisciplinary research methods”. Indeed, this multidisciplinary approach casts light on several areas of law which a study of statutes and case law would not otherwise have revealed.
Pollution to rivers, groundwater, lochs and ponds can occur by the leaching of contaminants out of the soil into water courses through the natural drainage of the soil. This in turn can effect aquatic plant and animal life and contaminate human drinking water. Some contaminants may also pose a fire or explosion hazard or they may be corrosive and attack building materials or services.
After everything that was thrown at her, the conflict and the heartbreak; she became stronger. She saw that in order to be part of this world you must stand up for yourself, and speak her mind. Not only to become stronger but independent also; so she can become a better person , but also for a more happy life.
Water treatment is considered to be a relevant action to ensure environmental sustainability. With an increase in water pollutants, water treatment plants are forced to develop additional processes in order to adequately purify the polluted water. In a report for the Chesapeake Bay Watershed it was stated that the presence of non-point source pollutants caused “a 35% increase” in cost for the wastewater treatment plant (Rees 2014). As well, a study in
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When a suppliers' costs changes for a given output, the supply curve shifts in the same direction. For example, assume that someone invents a better way of growing corn so that the cost of corn that can be grown for a given quantity will decrease. Basically producers will be willing to supply more corn at every price and this shifts the supply curve outward, an increase in supply. This increase in supply...
That is, it is sensitive to price change, and also to the quantity demanded. This means that if many people are consuming a good, the demand is greater than if less people are consuming the good. To further clarify, take the example of attending college. In an environment where most of an individual's peers are going to attend college, the individual will see college as the right thing to do, and also attend college to be like his peers. However, in an environment where most of an individual's peers are not going to attend college, the individual will have a decreased demand for college, and is unlikely to attend.
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