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If the number of people immigrating into Melbourne increases over the next 5 years, then the...

If the number of people immigrating into Melbourne increases over the next 5 years, then the demand for houses would increase (all other things remaining the same) is this true then or false? pls explain with a graph

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Answer #1

It is True

When number of people immigrating into the city increases then the demand for houses will increase. That is demand for houses will shift to its right. Other things are held constant therefore the supply of house is considered to be constant therefore the equilibrium price will increase. Due to more population the demand for house will increase. Refer the attached picture below.

The demand curve has shifted to its right therefore the quantity demanded increased from Q1 to Q2.

Thus, the above statement is true.

Please contact if having any query thank you.

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