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...
The following segmented annual income statement is for Office Express. Management is concerned about the significant losses associated with the computers product line and would like to drop this...
Following is the information given by the owner of a hotel. You are required to advise him what rent should be charged from customers per day so that he is able to earn 25% profit on cost other than...
Davenport Mills is a division of Iowa Woolen Products, Inc. For the most recent year, Davenport had net income of $18,000,000. Included in income was interest expense of $1,500,000. The operations...
A bank sells a "three against six" $3,000,000 FRA for a three-month period beginning three months from today and ending six months from today. The purpose of the FRA is to cover the interest rate...
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?
Your sister operates Watercraft Supply Company, an online boat parts distributorship that is in its third year of operation. The following income statement was recently prepared for the year ended...
Joint Ventures are a common Mode of Entry in international business. Appreciate if in-depth elaboration provided on its advantages and disadvantages. Also briefly mention the factors which make joint...
The field excursion is intended to give students an opportunity to carry out an applied geographical research project based on observation, data recording, and analysis. Using a field site of your...
An angry coworker is expressing their needs through a rush of emotion and snide comments while another coworker is trying to interpret them to provide some help and support. You are a manager and...
You may have a general understanding of the difference between ethics and legality , but could you explain the distinction? It is not always easy to know where to draw the line between the two. Some...
Someone can be a good leader but not be a very good manager and vice-versa. Leadership is creating a vision for others to follow, establishing corporate values and ethics, and transforming the way...
The Moons mass is 7.35 10 22 kg, and it moves in a nearly circular orbit with radius 3.84 10 8 m. The period of its motion is 27.3 days. Use this information to determine the Moons (a) Orbital...
What is the expected payoff of an investment that yields $5,000 with a probability of 0.15 and $500 with a probability of 0.85? Select one: O a. $325 O b. $5,500 O c. $2,750 O d. $1,175
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?
Which of the following programs covers custodial care? A HMOs B Medicare Part B C PPOs D Medicare Part A E Medicaid
uppose a taxpayer has exhausted his lifetime exclusion amount and has $14 million. a. Assuming a flat 40% gift tax rate, what is the maximum amount a taxpayer can transfer to her daughter (and still...
Physical Units Method, Relative Sales Value Method Farleigh Petroleum, Inc., is a small company that acquires high - grade crude oil from low - volume production wells owned by individuals and small...

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