EC148.MidTdraft.Apr28,10

EC148.MidTdraft.Apr2 - 1 Richard Arnott May 4 2010 Economics 148 Land and Resource Economics Midterm Examination The midterm examination is out of

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Richard Arnott May 4, 2010 Economics 148 Land and Resource Economics Midterm Examination The midterm examination is out of 60 points. Budget 1¼ minute per point. There are five sections. There is choice on each section. I. (10) Definitions Define 2 of the following four terms. A definition requires only one sentence. An explanation is not a definition. capitalization rate agricultural bid-rent function urbanization economies optimal city size II. (10) Short analytical question Answer 2 of the following three questions. 1. Write down the production function of a firm in an industry whose only input is labor when there are external economies of scale with respect to the number of laborers employed in that industry. 2. Write down the formula for the market value of a rental house for which today’s rent (net of operating expenses) is R, the interest rate is r, the growth rate of rents is g, and the property tax rate is τ 3. Consider a monocentric city with identical firms and identical workers in which
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/05/2010 for the course ECON 148 taught by Professor Richardarnott during the Spring '10 term at UC Riverside.

Page1 / 2

EC148.MidTdraft.Apr2 - 1 Richard Arnott May 4 2010 Economics 148 Land and Resource Economics Midterm Examination The midterm examination is out of

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online