If two houses had identical characteristics except

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2. If two houses had identical characteristics, except that one was near a noisy airport andthe other in a quiet location, and if the market price of the first house was £80000 and the secondwas £100000, how would that help us to put a value on the characteristic of peace and quiet?Diagram 4.3
46Chapter 4111Are there any Giffen goods that you consume? If not, could you conceive of any circumstances inwhich one or more items of your expenditure would become Giffen goods?
47Chapter 2

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