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Consider a monocentric city with commuting costs of $40 per mile.A household 8 miles from the city center occupies a dwelling with 1000 square feet at a monthly rental rate of $600.Non-land costs are...

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Consider a monocentric city with commuting costs of $40 per mile.A household 8 miles from the city center occupies a dwelling with 1000 square feet at a monthly rental rate of $600.Non-land costs are $250 per dwelling and there are 10 dwellings per acre.The price of housing at a distance of 8 miles is $________ per square foot.
Answered Same Day Dec 20, 2021

Solution

Robert answered on Dec 20 2021
132 Votes
Answer
The price of housing at a distance of 8 miles is $________ per square
foot.
Answer Monthly Rent =$600
10 dwellings per acre = 1000 per square feet
Therefore price of housing = $600 /1000 per square feet
...
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