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The Residential Sector
The Business Sector
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aggregate allocation assume bid rent curves capital owners capital rentals Chapter city center city residents city sizes commuting costs congestion pricing constraint consumers core city decline demand developers effect efficient employment equation examine expenditures externalities factor federal Figure firms fiscal fixed given groups hence higher-income housing consumption housing market housing prices housing services increase indifference curve indirect utility function initial investment K/N ratio labor landowners leisure lower lower-income marginal benefits marginal cost marginal product maximize neighborhood opportunity cost optimal Pareto-efficient partial equilibrium peak period Pigouvian taxes policies pollution tax population price of housing problem profits property tax public services relative rent gradient returns to scale revenue rise road capacity scale economies shift situation social marginal solution solve spatial subsidization substitute suburb suburbanization supply curve tax proceeds tax rate tion traffic type of city urban utility levels variable wages zoning