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kindly solve questions 11 12 and 13 and draw any graphs if required thankyou Whether vineyard owners as a group were hurt or helped by

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kindly solve questions 11 12 and 13 and draw any graphs if required thankyou

image text in transcribed
Whether vineyard owners as a group were hurt or helped by the floods? 11. Explain why the following might be true. A drought around the world raises the total revenue that farmers receive from the sale of grain, but a drought only in Queensland reduces the total revenue that Queensland farmers receive. 12. Because better weather makes farmland more produc- tive, farmland in regions with good weather conditions is more expensive than farmland in regions with bad weather conditions. Over time, however, as advances in technology have made all farmland more productive, the price of farmland (adjusted for overall inflation) has fallen. Use the concept of elasticity to explain why productivity and farmland prices are posi- tively related across space but negatively related over time. 13. In the 1980s, the government imposed a sales tax on the purchase of luxury cars. The revenue collected from the tax equals the tax rate multiplied by total spending on such cars. There have been suggestions that the government could earn more tax revenue by increasing the tax rate on luxury cars. Would such an increase necessarily raise tax revenue? Explain

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