1.2 How markets work

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

Question 21

Table 1: Price elasticity of supply for residential housing, 2022

Region	Price elasticity of supply (PES)
London	+0.3
North West England	+1.2

With reference to the data in Table 1, explain one likely reason for the difference in the price elasticity of supply for residential housing between London and North West England.

[4]

1.2 How markets work

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

Question 21

Table 1: Price elasticity of supply for residential housing, 2022

Region	Price elasticity of supply (PES)
London	+0.3
North West England	+1.2

With reference to the data in Table 1, explain one likely reason for the difference in the price elasticity of supply for residential housing between London and North West England.

[4]

1.2 How markets work

Question 21

Table 1: Price elasticity of supply for residential housing, 2022

1.2 How markets work Questions

1.2 How markets work

Question 21

Table 1: Price elasticity of supply for residential housing, 2022

1.2 How markets work Questions