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The Long-Run Supply of Housing
* Scenario 1: Owner-occupied housing
- Suburban or rural areas
- National market for inputs
* Questions
- Is this an increasing or constant cost industry?
- What would you foresee the elasticity of supply?
* Scenario 2: Rental property
- Urban location
- High rise construction cost
- What would you foresee about the elasticity of supply?
explain the theory of consumer behavior from the utility perspective
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