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4. Use the 4-quad1'ant diagram of a housing market equilibrium to explain what happens if there is a boombust cycle in housing demand supposing that

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4. Use the 4-quad1'ant diagram of a housing market equilibrium to explain what happens if there is a boombust cycle in housing demand supposing that the supply of new construction is unit elastic. How would your answer change if the elasticity of supply of new construction is lower (higher)

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