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We present a framework for resource control in CDMA networks carrying elastic traffic, considering both the uplink and the downlink direction. The framework is based on microeconomics and congestion pricing, and seeks to exploit the joint control of the transmission rate and the signal quality in order to achieve efficient utilization of network resources, in a distributed and decentralized manner. An important feature of the framework is that it incorporates both the congestion for shared resources in wireless and wired networks, and the cost of battery power at mobile hosts. We prove that for elastic traffic, where users value only their average throughput, the user's net utility maximization problem can be decomposed into two simpler problems: one involving the selection of the optimal signal quality, and one involving the selection of the optimal transmission rate. Based on this result, the selection of signal quality can be performed as done today using outer loop power control, while rate adaptation can be integrated with rate adaptation at the transport layer.