June 2013
Intermediate to advanced
558 pages
16h 7m
English
Content preview from Regional and Urban Economics Parts 1 & 2Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Model 1 (Steady-state)
Suppose the typical weekday is divided into a few distinct periods h = 1, …, H, each with constant flow Vh for a duration qh. With short-run variable cost given by equation (3.31), the resulting daily cost function is:
where V is the vector of flows Vh, q is the vector of durations qh, and ρ is the capital recovery factor52 divided by the number of weekdays per year. The first-order condition for minimizing (3.57), with K(VK) given by (3.56), gives the following investment rule:
The marginal capital cost of expanding the ...
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