If the supply of land was perfectly inelastic, how much would the price of land rise if

Question:

If the supply of land was perfectly inelastic, how much would the price of land rise if the price of crops raised on the land doubled, other things being equal? What if the supply of land was less than perfectly inelastic?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

See More Books

Question Posted: Jan 19, 2023 04:12 AM

See More Questions

The supply of land is perfectly inelastic so a tax on land rent is ______. A. Efficient and the landowner pays all of the tax B. Inefficient because the renter pays all of the tax C. Inefficient if...
True or False: If the supply of land is fixed, then it can be equally efficient for land to be supplied by a monopolist or by competitors.
If the supply of a good declines, what happens to consumers surplus? Explain your answer and represent it diagrammatically.
Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,250 $8.00 June 3 Purchases 2,500 8.40 June 7 Sales (at...
Most individuals are aware of the fact that the average annual repair cost for an automobile depends on the age of the automobile. A researcher is interested in finding out whether the variance of...
Carillo Painting collected 108,000 from customers in 2020. Of the amount collected, 25,000 was for services performed in 2019. In addition, Carillo performed services worth 36,000 in 2020, which will...
When a charge-separating process or device is used to charge a pair of objects, how are their charges related?
Brady Company entered into these transactions during May 2017, its first month of operations. 1. Stockholders invested $40,000 in the business in exchange for common stock of the company. 2....
5 Which one of the following correctly represents Sodium oxide? +2 XX a) Na 20 XX 6) 2NaOx x; 1-2 'xx' 1-2 c) 2 Na 20% c) Na XX XX 6 An element with atomic number_ will form a basic oxide. a) 7 (2,5)...
What is the predictable result of unionization on wages in the non-union sector?
What would increasing unionization do to the wages of those who were not in unions?
Graph the system of linear inequalities and indicate the solution set. x + 2y 4 3x - y -6
Create a 1-2 page review of the article. The review should summarize the article's key findings as well as the authors' methodology. Each article review should then briefly describe the strengths and...
Select a property that will serve as a primary residence. Explain your reasoning for selecting this property- ie, location, type of home, purchase price, etc. 2. Decide the amount of the down payment...
Part of having a professional online presence is creating professional content for peers to engage with and to share your expertise. Imagine that as a member of the executive team working on the...
6. You have implemented a butterfly spread whereby the strategy will make money if the stock ends up between $44 and $56 (8 months from now). The stock currently trades at $48, its historical...
Explain the Model of the Motivation Process (Figure 4.2) with a real-life example. Personality Perception Learning Attitudes Unfulfilled Needs, Wants, and Desires Goal or Need Tension Drive Behavior...
What are the major forms of trade allowances?
Periwinkle Company is a multinational organization. Its Parts Division is located in Lavender Land, while its Assembly Division is located in North Orchid. During the current year Periwinkle Companys...
Using the IS/MP framework illustrate how the financial accelerator affects the extent of the fall in output following a negative demand-side shock.
What implication does the financial instability hypothesis have for the balance sheets of different sectors of the economy?
Using the IS/LM model. under what circumstances will (a) a rise in investment and (b) a rise in money supply cause a large rise in national income?
Old Boys company is expecting their cash flows of 15000 a year for 6 years. how ever this project require 115000 cost in equipment and plant. in addition the project will have a salvage value of...
Select a software program that can be used for linear programming. Justify your reason for your selection.
IF a company manages a $160,000,000 that has of four stocks with below investments: Stock Investment Beta A $30,400,000 0.77 B $23,200,000 1.91 C $16,000,000 1.94 D $60,000,000 -2.22 E $30,400,000...

If the supply of land was perfectly inelastic, how much would the price of land rise if

Question:

Step by Step Answer:

Because the demand for land is derived from the demand for the products produced on the land ...View the full answer

Exploring Economics

Students also viewed these Business questions