There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. Assume the bar owner has the right to hire as many bands as she likes. If transaction costs were $90, split between the bar owner and the tenants, how many bands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100. B. Two bands would play and social welfare would be 75. C. Two bands would play and social welfare would be ‐15. D. No bands would play and social welfare would be 0. E. Three bands would play and social welfare would be ‐190

Distance to city edge (miles) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Housing Developer's Bid Rent ($/acre) $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $0 $0 $0 $0 Farmer's Bid Rent Curve ($/acre) $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 The maximum amount that housing developers and farmers are willing to pay for land is depicted in the table above: 1. How far from the CBD will developers be willing to build houses? 2. If the market price of a harvest increases by $100,00 but farmer costs remain the same, what will happen to the edge of the city over the long run?

10 Rate of Interest (%) 2 8 00 9 0 100 200 Amount of Money Demanded ($B) D1 OS D₁ D3 + D2 10 Rate of Interest (%) N 8 6 0 D2 11 100 200 300 400 Amount of Money Demanded ($B) 10 Rate of Interest (%) 2 8 9 Which one of the lines represents the asset demand for money? 0 S D3 100 200 300 400 500600 Amount of Money Demanded ($B)

Explain ZONING AND LAND USE?

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Price (dollars per gallon) $5.50 3.50 2.50 0 30 40 45 D S2 S₁ Quantity (millions of gallons per month)

30- 25- 20- 15- 10- ç Price and cost (dollars per ride) -N 3 Quantity (rides per hour) -10 MC

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