Using the concepts of Community Indifference Curves and Community Budget Lines to represent various income groups (low, mid,high income) in Singapore, discuss the relationships between new public housing (HDB BTO flats), resale public housing (resale HDB flats) and private housing (condominiums/landed property).

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.