In Riyadh real estate market for the year 2018, the price per an apartment was SR 700,000 and the demand for housing apartments was 20,000 apartments. In 2019, the price soared to SR 850,000 per apartment and, as a result, the demand reached to 15,000 apartments in the same year (2019). In the light of these data, answer the following questions:

1. Find out the price elasticity of demand for housing apartments (ep), showing clearly your calculations.

2. Is the demand for housing apartments elastic or inelastic? And why?

3. Comment on the type of this product (housing apartment), whether it is necessary or luxury? and why?

4. Graph the demand curve for housing apartments based on the above given data.