A) The figure below shows the bid rent curves for land for use in housing (R), commercial purposes (Rc), and agricultural purposes (Ra) in a city. The figure also shows the boundary for the city's Commercial District (X1) and the City itself (X2). On the same figure, show how the bid rent curves for housing and commercial use would shift if there is a decline in commuting costs in the city. Further, show any shift in the boundary of the Commercial District and the City. Assume that the city is a "closed city." Land rent Re R R. Re X2 Distance to city center B) What are the reasons that the bid rent curve for land used in housing is curved rather than a straight line?

A) The figure below shows the bid rent curves for land for use in housing (R), commercial purposes (Rc), and agricultural purposes (Ra) in a city. The figure also shows the boundary for the city's Commercial District (X1) and the City itself (X2). On the same figure, show how the bid rent curves for housing and commercial use would shift if there is a decline in commuting costs in the city. Further, show any shift in the boundary of the Commercial District and the City. Assume that the city is a "closed city." Land rent Re R R. Re X2 Distance to city center B) What are the reasons that the bid rent curve for land used in housing is curved rather than a straight line?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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