Article 1 Hong Kong public hou

Article 1

Hong Kong public housing: increased land supply and reduceddemand to cause drop in shortfall, but government still laggingbehind targets (SCMP, 18 Dec 2019)1Hong Kong’s public housing shortfall is expected to ease in thenext 10 years because of increased land availability and reduceddemand, but the government is still expected to miss its supplytarget. Secretary for Transport and Housing Frank Chan Fan, who isin charge of reviewing and updating a rolling 10-year housingstrategy annually, admitted the long wait for public housing wouldprobably not improve soon as “demand pressure for flats remainsvery high”. “The queue for public housing with more than 250,000applicants may increase in the future, and there is still ashortfall in supply,” he said on Wednesday……. As for publicflats, supply is still expected to fall behind the government’s newtarget because of limited available land………. Given thesmaller demand and additional supply, the shortfall would benarrowed down to about 29,000 flats in the coming decade, comparedto 67,000 last year……. The Lantau reclamation project, whichwas mentioned in last year’s report as one of the long-termmeasures for land supply, was omitted from this year’sreport…….. Demand for public sector homes has always been keenin the city. Families for public rental housing face an averagewaiting time of five years and four months for a subsidizedflat.

Question 1: over 100

With reference to Article 1, given that the supply of housing isperfectly inelastic, with the aid of diagram(s), illustrate thefollowing situation in Hong Kong public housing market: “Given thesmaller demand and additional supply, the shortfall would benarrowed down”.


Perfectly inelastic demand is the situationwhere there no change in quantity demanded even there is change inprice of the goods, the the demand is said to be perfectlyinelastic. Simply mean no change in demand for change inprice.

A PED coefficient equal to zero indicates perfectlyinelastic demand. This means that demand for a good doesnot change in response to price.

Perfectly inelastic products would be something likeair or water, and no one canreally restrict that at this point in time. The most commonproducts that are inelastic would be food, prescription drugs, andtobacco products. Another product that could be considered close toperfectly inelastic would be gas.

In a perfectly inelastic demand or supply, achange in price leaves the quantity demanded or suppliedunaffected. … This type of demand occurs when consumers have nosubstitute goods to meet their needs; aperfectly inelastic supply occurs when supplieshave no substitute goods to produce.

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