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What is the price of housing miles from the cbd

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Reference no: EM132813022

Consider a monocentric city where the cost of commuting is $50six1,200$1,100$30010tentenfivefivefive per mile per month. A household located miles from the city center occupies a dwelling with square feet at a monthly rent of . Nonland cost per dwelling is , and there are houses per hectare. (As an aside, 1 hectare equals 2.47 acres.)

a. What is the price (per unit) of housing miles from the CBD? Explain.

b. What is the bid rent per hectare of land miles from the CBD? Explain

c. Assume that the demand for housing is perfectly inelastic. What is the price (per unit) of housing miles from the CBD? Explain.

d. Assume that housing producers do not engage in factor substitution. What is the bid rent per hectare of land miles from the CBD?

e. Suppose consumers engage in consumer substitution and firms engage in factor substitution. How would the bid rent for land at the new distance ( miles from the CBD) compare with the number you calculated above? Explain.

Reference no: EM132813022

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