Pickering Lands Case Study

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What should be included regarding reference for an independent economic assessment of the three options for the Pickering Lands?
Response
Terms of references include important considerations necessary for assessing the viability of the three options proposed for the Pickering Lands. The options are the construction of a new airport, expansion of existing airports or, no construction of an airport at all, keep the land as a federally-owned property but renew the lease contracts for ten years. The following are the considerations in analyzing the three options.
Technology: What is the existing technology for construction of the airport? Does the existing technology reduce the involved cost, are there new aircrafts in the market that are efficient.
The market structure of the proposed industry monopolistic, competitive or any other form. Is there current demand that necessitates the construction of the airport, does the demand provide enough incentive for the construction of the airport.
Economic impact: the change expected to accrue from either of the three option and the people that would be impacted by the change.
Economic benefit: how does each of the three options affect economic aspects such as job creation, aggregate consumption and demand, and business …show more content…
Technology increases efficiency which in turn reduces the cost of production. The rationale for any economist is cost minimization and profit maximization. The costs involved in the three optioned proposed include direct and indirect costs. The indirect costs mostly affect residents and other stakeholders particularly through pollution or other economic and social aspects. Regardless of the options, in this case, technology creates an avenue for minimization of both of these costs. It is therefore important that appropriate and current technology is considered in the
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