A. The government of Ontario received funds under the federal infrastructure program recently and decided to build two new hockey arenas in New Market, Ontario. To build these sport facilities, the government needs to buy land. The land around New Market is privately owned. If the government does not purchase this land, the owner could sell it to private developers who would build houses on it. The developers demand for this land is given by the following function: D =16,500 - 0.75P Where Dis quantity of land in acres and P is price in dollars per acre. The supply of land 1s fixed at 700 acres and does not change due to changes in the price of land. So, the supply function is: S=700 (i) Determine the price at which the government would purchase this land and the total amount of money it will spend to purchase land. (i) Determine the cost of this land from society's point of view. Explain your results. (i) Would it be appropriate to use total cost of land to represent the opportunity cost of this resource from society's point of view? Explain