Question on elasticity of demand for apartments.
Hi! I'm confused by this question, which is from the "Calculating the Elasticity of Demand" video:
https://www.youtube.com/watch?v=lrGiZ7aTlQo
In your college town, real estate developers are building thousands of new student-friendly apartments close to campus. If you want to pay the lowest rent possible, should you hope that demand for apartments is elastic or inelastic?
Can you explain how think through this problem?
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