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That's a paper talking about agricultural land use...


It details how and why land is price inelastic, and how elasticity is defined.

Economically, ag and urban land behave similarly. To wit: they're not making it any more. The supply is price-inelastic.

Your understanding is incorrect.


Tenants in cities don't rent land, they rent housing. You can vary the amount of housing on a plot by making investments.




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