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find the location rent at the marketplace for the 3 products Land Use Model Question: Under the assumptions of the Von Thunen model, considering the

find the location rent at the marketplace for the 3 products image text in transcribed
Land Use Model Question: Under the assumptions of the Von Thunen model, considering the following scenario: a marketplace surrounded by land used for production of three agricultural products: wheat, maize, and dairy. The production data are: Type Wheat Maize Dairy Yield: bushels per acre or gallons per acre 100 60 100 Market price per bushel or gallon $1.50 $0.50 $2.00 Production cost per bushel or gallon $0.90 $0.10 $0.80 Freight rate per bushel/mile or per gallon/mile $0.20 $0.05 $1.00 Using the Von Thunen model to answer the following questions: 1. Find the location rent at the marketplace for the 3 products. 2. Plot the rent curves as a function of distance from the market. 3. Find the optimal ranges for each type of product. 4. What is the total possible potential profit/rent given the optimal distribution

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