Consider a simple, homogeneous monocentric city with a circular shape. If the location rent premium at the center is $6,000 per year per acre, the rent at the edge of the city is $10,000 per year per acre, and the density is 3 persons per acre. Supposing that the annual transportation cost per person per mile of distance from the CBD is $200 (round- trip), and if the population increases by 10% (density and transportation cost do not change), what will be the new rent at the center of the city per year per acre? Group of answer choices $16,300 $15,250 $16,600 $15,000

Consider a simple, homogeneous monocentric city with a circular shape. If the location rent premium at the center is $6,000 per year per acre, the rent at the edge of the city is $10,000 per year per acre, and the density is 3 persons per acre. Supposing that the annual transportation cost per person per mile of distance from the CBD is $200 (round- trip), and if the population increases by 10% (density and transportation cost do not change), what will be the new rent at the center of the city per year per acre? Group of answer choices $16,300 $15,250 $16,600 $15,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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