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.