In analysing the market for property space the important feature about demand is that it is derived and the important feature about supply is that it is inelastic.
It can be seen that Land is different from capital and has a fixed supply, while capital labour and materials can be responded to an increase in demand with an increased supply. As land cannot be created (and additionally a new building plot) then the most effective use of the
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land is needed. When looking into demand for services that are produced in an office, the following assumptions have been taken into account, the office space in this example is the only variable and all other costs are fixed. …
The improvement and price is relative. Reasons for this could be due to the nature of capital been used for a specific task where as labour can be used in different areas.
Furthermore it cannot replace the need or use of skilled workers that are required upon a building site, There are areas which have led to improved efficiency on site with the introduction of machinery such as mini-diggers.
For example it may take three men a day to prepare a plot of land, whereas one man with a mini-digger can perform the same task in one day, providing the machinery is cost effective it can show how capital can improve efficiency.
Due to the nature of the construction industry in the UK the need for labour is high because of the labour intensive jobs involved within developments therefore the substitution of capital for labour is low.
Mechanisation with capital equipment is greater where developments of high-rise buildings require specialist equipment such as tower cranes. This is where
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