ECON 366 Notes (10.27.2008)

ECON 366 Notes (10.27.2008) - Substitution effect housing...

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ECON 366 Lecture 10/27/2008 Externalities: the effect of actions that people take has an effect on others. The result is that when it is a costly action that an individual takes, part of the cost is transferred to others.
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Unformatted text preview: Substitution effect: housing becomes less expensive relative to food...
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