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Suppose the demand for housing D is given by the function D=100p^-1r^-2 where p is the price of housing and r is the mortgage interest rate. Treat r as exogenous. The supply of housing is given by s=s1 , where S is exogenous. i) Solve for the equilibrium housing price and then by partially differentiating your reduced form, carry out a comparative static analysis with respect to the mortgage interest rate and the housing supply. Explain (in plain English) why your answers make sense and be sure to depict each change that takes place in a simple (two-dimensional) diagram. ii) Suppose the demand for housing is changed from above to a general function D=D(p,r) Dp<0, Dr<0 The supply of housing is still the same. Again, conduct a comparative static analysis with respect to the mortgage interest rate and the housing supply.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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