After reading the Bloomberg article “Recession Generation Opts to Rent Not Buy Houses to Cars” use the five determinants of price elasticity of demand (PED) to characterize the PED for new houses and

After reading the Bloomberg article “Recession Generation Opts to Rent Not Buy Houses to Cars” 

use the five determinants of price elasticity of demand (PED) to characterize the PED for new houses and

new cars. How does the new hourly car rental business affect the PED for cars? How has the recession

affected the PED for cars and houses—especially for young adults? Use a graph to illustrate one of your

answers (showing changes in PED for housing or cars).

Graphs can either be drawn using a program

(Word or Paint), or you can draw the graphs by hand and scan them into your computer.

All work must be submitted electronically.