Read through the first two sections of the “Paradise Lost and Regained: Transportation Innovation, Income and Residential Location”, by Stephen LeRoy and Jon Sonstelie. Found here: http://econ.ucsb.edu/~jon/Publications/ParadiseLost.pdf (Links to an external site.). Then answer the following prompts and upload it to iLearn by Tuesday, February 16th at 8:00 AM.1) This paper extends the monocentric city model (also known as the Alonso-Muth model) to allow for two different modes of transportation. At the end of the second section, it characterizes a “break-even” distance. In your own words, explain how they develop this break-even distance and what it means?
Income and Residential Location
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