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Draw the household bid-rent function

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Question: The classic monocentric city model assumes that all commuting is into the city center. Consider a two-person household in which one person commutes to the city center while the other commutes in the reverse direction to the edge of the city.

a. Draw the household's bid-rent function assuming round-trip commuting costs are the same in either direction.

b. Now assume that round-trip commuting costs are higher commuting in to work in the CBD.

Reference no: EM131733963

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