Estimate your dollar estimate for the cost of the new lot


Suppose you have been asked to calculate the cost today of a 2,500 ft 2 parking lot. You research and identify that parking lots have a power-sizing exponent of 0.55 and that your company built a similar 1,000 ft2 lot 5 yrs ago that cost $50,000. You also identify that the parking lot cost index was 1,306 5 yrs ago and it is now 1,487. Estimate your dollar estimate for the cost of the new lot?

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Macroeconomics: Estimate your dollar estimate for the cost of the new lot
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