“College of Estate Management – Construction Markets and Finance QUESTION 1 Review the notes you have collected in your portfolio of work. Using your notes and the information you have collected, prepare an analysis of your local housing market. Include in your analysis the extent to which you have been able to find applications or examples of the following concepts: Scarcity Opportunity cost The conditions of demand The conditions of supply Perverse demand behaviour External effects Sources of inefficiency Sources of inequality issues QUESTION 2 Assume that you are employed by a local speculative house builder who is active in you local market. Use your analysis, together with other relevant information, to prepare an assessment of the likely future demand for new housing in your area, and advise your employer as to his best short- and medium-term strategy.”