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As a city expands it needs additional transport infrastructure. (Here I make no distinction between more roads or more rail.) If the government decides not to build that infrastructure, there will increased congestion which will increase commuting times. In the situation of an increase in population being accompanied by an increase in commuting cost, what will be the effect of this on the urban rent gradient? Would existing residents win or lose from the decision not to build new infrastructure? Consider this question in terms of:
• Renters - that is, assuming all residents rent
• Landlords - as 65% of houses are owner-occupied, a substantial number of households are 'both' tenant and landlord. You should be able to use the closed urban model to answer this question
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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