[Borodog]

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land is perfectly inelastic. E=100000000000000000000, because no matter what the price change, there will be no change in quantity consumed.

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Wait. What?

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<font color="#666666"> The supply of land is finite and non changing. Even</font> if price of land is one dollar, <font color="#666666">more cannot be produced.</font> Lots of people will want it, <font color="#666666">and there will be a land shortage, so price will eventually go up (this is why manhattan real estate prices are so high).</font>
If land is expensive, no one will want it, <font color="#666666">but the quantity of land does not change.</font>


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I do not think that word, "perfectly inelastic", means what you think it means.