Draw a long-run supply curve for housing for each city

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Reference no: EM131139587

How Steep a Supply Curve? Consider two cities, one on a small island, and a second on a large plain.

a. Draw a long-run supply curve for housing for each city, and explain any differences between the two supply curves.

b. If demand for housing increases by the same amount in each city, which city will experience a larger increase in price

Reference no: EM131139587

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