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1a) The housing prices model makes 5 assumptions, regarding the cost of commuting, who in the...

1a) The housing prices model makes 5 assumptions, regarding the cost of commuting, who in the household commutes, other types of travel, public services and taxes, and amenities. Pick one of these assumptions and explain why it is unrealistic and how it might complicate the model.

1b) Briefly explain the role of consumer substitution in housing prices; give an example from the real world of consumer substitution and the price of housing.

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