The price of pig Is something big If you'd know why That land is high Because its com, you'll understand, Consider this: its price is big Is high-priced too, Because it grew Upon the high-priced farming land. Because it pays Thereon to raise The costly corn, the high-priced pig. (H.J. Davenport, circa 1920.) Davenport was a famous American economist in the early 20th century.

a. Which paragraph gives the correct analysis? Explain why one paragraph is wrong and the other is correct, and explain why the price of the good or resource in question would be "high."

b. Suppose all farmland in the United States was equally productive for growing corn. How would this affect your analysis?