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.
  1. What is the purpose of a "medallion?"
  2. How does the existing regulatory structure result in the creation of economic rent?
  3. Who receives this rent? taxi drivers? the owners of new medallions? New York City?
  4. What is the maximum amount that someone will be willing to pay for a medallion?
  5. What affects the amount of economic rent received by medallion owners?
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