Question: ECON 405 Homework: Homework #2: Specific Factors Model Question 12, Exercise 5.12 Part 1 of 2 > Jacqueline O'Neill ? HW Score: 91.67%, 11

ECON 405 Homework: Homework #2: Specific Factors Model Question 12, Exercise 5.12 Part 1 of 2 > Jacqueline O'Neill ? HW Score: 91.67%, 11 of 12 points Points: 0 of 1 Save Question list K Refer to the diagram to the right: Land is the other (fixed) factor of production. Currently the real wage is $15. Marginal product of labor, MPL 60- Calculate the change in land rents due to a $5 increase in the real wage. 55- 50- Question 6 A Land rents = $ (Enter your response rounded to the 45- nearest dollar. Be sure to include the minus sign if necessary.) 40- 35- Question 7 30- 25- Real Wage' 20- Question 8 Real Wage 15- 10- MPL 5- Question 9 0- 0 10 20 30 40 50 60 Labor, L 70 10 8- 80 Question 10 Question 11 Question 12 90 100 11 Clear all Check answer

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