Housing Supply and Stability Tokyo Model Assignment

Assignment Task

Question 

What Housing Crisis? In Japan, Home Prices Stay Flat

Supply keeps up with demand in Tokyo thanks to few restrictions on development

In the past two decades, home prices in some leading North American and European cities have skyrocketed. In Tokyo, however, they’ve flatlined.

So why no affordable-housing crisis in Japan? A big factor, experts say, is the country’s relatively deregulated housing policies, which have allowed housing supply to keep up with demand in the 21st century.

With no rent controls and fewer restrictions on height and density, Tokyo appears to be a city where the market is under control—where supply is keeping home prices from rising as drastically as they have in many other major world cities.

“A reason why housing prices in Japan are not rising as fast as in New York, for example, is the large number of housing starts,” says Masahiro Kobayashi, a director general at the Japan Housing Finance Agency, a state-run entity which supports the housing market by purchasing home loans.

Over the past decade, Japan has consistently built almost 1 million new homes and apartments each year, according to official statistics. In the U.S., where the population is more than double Japan’s, 1.25 million new homes were built in 2018.

Japan’s home prices finished last year around the same level as they were nearly a decade ago, according to data from Japan’s Ministry of Land, Infrastructure, Transport and Tourism. In Tokyo, home prices finished 2018 around the same level as they were near the turn of the century.

Housing prices have been constrained in some parts of Japan due to anemic economic growth and population decline, said Mr. Kobayashi. But the price trend is the same in Tokyo, where the population is rising.

Question

The objective of a firm is to

Group of answer choices

• maximize profit
• maximize sales
• minimize cost
• maximize profit per unit
• maximize revenue
• minimize market share

Question

A company can make either oranges or pizza and is faced with the tradeoff in the graph above. The opportunity cost for producing 8 oranges instead of 6 oranges is _____________ pizza.

Group of answer choices

• 3
• 1
• 2
• 0

Question 

The concept of marginal revenue is the additional revenue derived by selling one more quantity.

Group of answer choices

True

False

Question 

You've learned about the slope of the demand curve in a previous video. Part of the reason why the demand curve is downward sloping is due to substitutes. Let's say a convenience store is selling 7-Up soda and Sprite. Both sodas are the perfect substitutes for each other. Therefore, to entice consumers to buy more Sprite the store will decrease the price for Sprite and/or increase the price for 7-Up. I would classify these sodas to be normal goods since they have substitutes. 

Please watch the video below and classify the type of good this falls under. ***FYI it may show an advertisement first.*** The video below also shows how economic concepts are also utilized in other disciplines, like marketing.

The watches depicted in the video are considered to be a ________________________. These types of goods face a(n) __________________________ demand curve.

Group of answer choices

• luxury good; upward sloping
• inferior good; upward sloping
• necessity good; upward sloping
• luxury good; downward sloping
• inferior good; downward sloping
• necessity good; downward sloping

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