Please explain the effect of each one of the following scenarios on the market demand for home-owned housing (purchasing a house). Will the demand (D) OR the quantity demanded (Qd)change and how ? i.e. increase, decrease, shift left or right, will there be a movement along the "same" demand curve?

1. The economy goes into a recession.

2. Your current homerentis expected to increase substantially in the near future but home purchasing prices will be the same.

3. Population increases.

4. Expectations about higher housing prices (purchasing/mortgage rates) in the future.

Please note:it is imperative that you identify and clearly explain which determinant/factor (i.e. income, prices of other goods, etc.) affects the market demand in each case listed above.

Instructions: