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Consider a monocentric city where the cost of commuting is $20 per mile per month. A household located 5 miles from the city center lives in a 1,000 square foot house that costs it $500 per month. Nonland costs per house are $100 per month and there are 10 houses to the hectare.
1. What is the price per square foot of housing 5 miles from the center?
2. Suppose the demand for housing is perfectly inelastic. What is the price per square foot of housing 2 miles from the center?
3. Assume that housing developers do not engage in factor substitution. What is the residential bid rent for housing, per hectare, 2 miles from the center?
4. Now suppose housing demand was not perfectly inelastic (consumers do engage in consumer substitution), and housing developers did engage in factor substitution. Would the residential bid-rent 2 miles from the center be higher, lower, or the same than the amount you calculated in question 3? Why?
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits
________ refers to the additional revenue gained from selling one more unit.
Find the quantity that maximizes the profit of the monopolist, the profit of the monopolist and the corresponding domestic and international price.
q1. what are the advantages and disadvantages of austerity?q2. the government announces that it will privatize the main
If one country has per capita income of $15, 000 and its economic growth rate is 5 percent per year, what will its per capita income be in 10 years? About how many years will it take to catch up to a country where the per capita income is $30, 000 pe..
Assume the price falls to $ 7.50. What think would be a short-run impact on the production of the company. What would be the long term.
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The publisher of a new book figures fixed cost at $92,000 and variable cost at $2.10 for each book produced. If the book is sold to distributors for $15 each, how many must be sold for the publisher to break even?
To reduce Agency Problems, executive compensation should be designed to.
Assume that major wheat producers in the world increased their land under wheat by 30 percent. Graphically show the effect of increase in land under wheat on the grain market.
Determine the balance at the end of year 5 if a new account is opened with $500 and periodic payments of $200 are deposited into it for the 5 years. The account has a 5% NAR with the following conditions.
A producer would not remain in Stage 1 because APP
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