Question1,Location theory, static and dynamic view of market value of

Question1,Location theory, static and dynamic view of market value of land, allocation and pricing.

Key point
• Role of Agglomeration
• Theoretical Explanations of Location Decisions
• Market Analysis Model
• Alternative Theories of Industrial location
• Locational Requirements of Office Users
• Theoretical Explanation of Retailers
• The Spatial Structure of Retail Property Markets

Question2,Why is it that values typically display a cyclical pattern?
Key point:
Explain business cycle
Rent follow GDP booms
Time and land
Inelastic
Change stock

Question3,Explain market efficiency and the factors that affect the efficient operation of property market?
Key point

• High transaction costs
• Indivisibility
• Immobility
• Durability
• Inelastic supply in SR
• Heterogeneity
• Externalities
• Government intervention
• Irrationality of market participants
• No perfect information
Each question give the example.
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