Chapter 36 - Assignment 1: New York City Taxis and Economic Rent
Chapter 36 - Assignment 1: New York City Taxis and Economic Rent
Visit the web site of the Taxi and Limousine Commission of New York City.
- What is the purpose of a "medallion?"
- How does the existing regulatory structure result in the creation of economic rent?
- Who receives this rent? taxi drivers? the owners of new medallions? New York City?
- What is the maximum amount that someone will be willing to pay for a medallion?
- What affects the amount of economic rent received by medallion owners?
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