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Average-Joe, a representative college graduate, is facing a choice between two competing job offers (for the same position from equally reputable companies) in two different cities - H and L. If he chooses the job in City H then Joe's monthly salary will be $10,000 thousand while the company in City L is offering him a competing monthly salary of $12,500 thousand. Joe looks for the best available rental apartment options in each city (he is not planning to buy a house). For renting similar one-bedroom apartments at a short-distance from his work place, Joe will have to pay a monthly rent of $6,000 thousand in City H and $5,000 thousand in City L. Though the cities are very similar in almost all crucial characteristics, there is one main difference. City H is designed to be a bike-friendly city, while City L has no such facilities like bike-paths and bike-racks that are easily available in City H. For this example, ignore the congestion and pollution-reducing effects of being bike-friendly. Also, Joe walks to work and hence transport to work is not important to this discussion. So, the value of biking is in it's pleasure and convenience as a leisure activity. Further, assume that bike-friendliness has no impact of the production costs or profit margins of these firms. Joe's indirect utility function is given by V=Y-R+SA; where Y is monthly salary, R is monthly rent and A takes value 100, if the bike-path' amenity is available and 0 otherwise. a) With the above information complete the following table with the correct numbers: Table (a) Amenity Level Income (Y) Monthly Rent (R) Amenity (A) Circle the correct response: Low / High YH= RH = Ah = City H VH = YH-RH + 8 AH = Circle the correct response: Low | High YL = RL = AL = City L VL = YL-RL + 8 AL = Note: Continue to hold d as a variable in this table i.e. it does not take any particular value. b) Now, complete the table below for each value of 8, calculate Joe's indirect utility in each city and, resultantly his choice of city for employment - does Joe prefer City A, City B or is he indifferent between the two cities? Table (b) 8 = 0 8 = 20 8 = 35 8 = 40 VH City of Choice c) What is the economic interpretation of the different values for Joe's utility function? Further, explain the effect that each of these d-values has on Joe's city-choice. d) According to the Roback Model, only one case where 8 = 35 is the migration equilibrium. Briefly explain this claim. e) Now focusing on this migration equilibrium case 8 = 35, draw a diagram to show the determination of equilibrium income and rent in the two cities via the interaction of indifference curves and iso-cost curves. Represent income (Y) on the x-axis, rent (R) on the y-axis, clearly label all curves and equilibrium income and rent in both City H and City L. f) On the other hand, when there is a migration disequilibrium, people (just like average-Joe) are attracted to the city which has an advantage. Explain how this advantage works. Now consider disequilibrium scenarios where 8 # 35, so that people are not indifferent between the two cities. To keep it simple, recall that firm costs are not affected by the bike- path amenity. Specifically, elaborate on the following situations: (i) Consider a population of people like average-Joe with 8 = 20. Which city would this population of average-Joes prefer to live in/move to? Comment on the income and rent in this city of choice - are they comparatively higher/lower in the city of choice and will they tend to experience upward or downward pressure due to migration? Provide an economic intuition for your answer. (ii) Consider a population of people like average-Joe with 8 = 40. Which city would this population of average-Joes prefer to live in/move to? Comment on the income and rent in this city of choice - are they comparatively higher/lower in the city of choice and will they tend to experience upward or downward pressure due to migration? Provide an economic intuition for your answer. Average-Joe, a representative college graduate, is facing a choice between two competing job offers (for the same position from equally reputable companies) in two different cities - H and L. If he chooses the job in City H then Joe's monthly salary will be $10,000 thousand while the company in City L is offering him a competing monthly salary of $12,500 thousand. Joe looks for the best available rental apartment options in each city (he is not planning to buy a house). For renting similar one-bedroom apartments at a short-distance from his work place, Joe will have to pay a monthly rent of $6,000 thousand in City H and $5,000 thousand in City L. Though the cities are very similar in almost all crucial characteristics, there is one main difference. City H is designed to be a bike-friendly city, while City L has no such facilities like bike-paths and bike-racks that are easily available in City H. For this example, ignore the congestion and pollution-reducing effects of being bike-friendly. Also, Joe walks to work and hence transport to work is not important to this discussion. So, the value of biking is in it's pleasure and convenience as a leisure activity. Further, assume that bike-friendliness has no impact of the production costs or profit margins of these firms. Joe's indirect utility function is given by V=Y-R+SA; where Y is monthly salary, R is monthly rent and A takes value 100, if the bike-path' amenity is available and 0 otherwise. a) With the above information complete the following table with the correct numbers: Table (a) Amenity Level Income (Y) Monthly Rent (R) Amenity (A) Circle the correct response: Low / High YH= RH = Ah = City H VH = YH-RH + 8 AH = Circle the correct response: Low | High YL = RL = AL = City L VL = YL-RL + 8 AL = Note: Continue to hold d as a variable in this table i.e. it does not take any particular value. b) Now, complete the table below for each value of 8, calculate Joe's indirect utility in each city and, resultantly his choice of city for employment - does Joe prefer City A, City B or is he indifferent between the two cities? Table (b) 8 = 0 8 = 20 8 = 35 8 = 40 VH City of Choice c) What is the economic interpretation of the different values for Joe's utility function? Further, explain the effect that each of these d-values has on Joe's city-choice. d) According to the Roback Model, only one case where 8 = 35 is the migration equilibrium. Briefly explain this claim. e) Now focusing on this migration equilibrium case 8 = 35, draw a diagram to show the determination of equilibrium income and rent in the two cities via the interaction of indifference curves and iso-cost curves. Represent income (Y) on the x-axis, rent (R) on the y-axis, clearly label all curves and equilibrium income and rent in both City H and City L. f) On the other hand, when there is a migration disequilibrium, people (just like average-Joe) are attracted to the city which has an advantage. Explain how this advantage works. Now consider disequilibrium scenarios where 8 # 35, so that people are not indifferent between the two cities. To keep it simple, recall that firm costs are not affected by the bike- path amenity. Specifically, elaborate on the following situations: (i) Consider a population of people like average-Joe with 8 = 20. Which city would this population of average-Joes prefer to live in/move to? Comment on the income and rent in this city of choice - are they comparatively higher/lower in the city of choice and will they tend to experience upward or downward pressure due to migration? Provide an economic intuition for your answer. (ii) Consider a population of people like average-Joe with 8 = 40. Which city would this population of average-Joes prefer to live in/move to? Comment on the income and rent in this city of choice - are they comparatively higher/lower in the city of choice and will they tend to experience upward or downward pressure due to migration? Provide an economic intuition for your