The Demand for Water
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List ways that consumers would use less if the price of water were raised. Demonstrate that water has a downward demand curve like all other commodities. What is the elasticity of water demand?
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Solution Summary
The solution discusses a scenario on if the price of water is increased. It also describes the downward curve and elasticity of the demand for water.
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An increase in the price of water would result in the following:
-Limit the use of swimming pools
-Avoid taking a bath more than twice a day
-Encourage to raise plants that need less water.
O'neal (2012) suggested "to look for plants that are native to your region. Likely candidates, moreover, are plants whose leaves are covered with fuzz or hairlike fibers, both of which help reduce the loss of water. Plants with a waxy coating, as well as those with taproots, are also drought resistant".
Park and Co. (2012) recommends the following:
-Run your clothes washer and dishwasher only when they are full. You can save up to 1,000 gallons a ...
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