Cliff Arthur has equally attractive job offers in Miami and Los Angeles. The rent ratios in the

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Cliff Arthur has equally attractive job offers in Miami and Los Angeles. The rent ratios in the cities are 8 and 20, respectively. Cliff would really like to buy rather than rent a home after he moves. Explain how to interpret the rent ratio and what it tells Cliff about the relative attractiveness of moving to Miami rather than Los Angeles, given his stated goal.

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Rent ratio is the ratio of the average house prices to the average annual re...View the full answer

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