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Model of interconnection between land and labor markets

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Consider a monoeentrie city that establishes a maximum building height for business structures. The maximum height is the height of buildings one kilometer from the center. (All the structures taller than maximum height will have to be replaced with shorter structures over time.) Using the model of interconnection between land and labor markets from Chapter 14 of the textbook, illustrate the effect of this restriction on the business and residential land bid-rent. You should explain in words what happens and why and illustrate these changes on relevant graphs.

Reference no: EM133082354

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