Name: 20. Refer to the following chart to answer the next questions. Assume that the quantity of a certain type of farmland is 300,000 acres and the demand for this land is given in the table below: Pure land rent per acre Land demanded in acres $500 100,000 400 200,000 300 300,000 200 400,000 100 500,000 50 600,000 If landowners were taxed at a rate if $100 per acre for their land, what would be the economic rent on this land after taxes and how many acres would be rented? a. $200 and 300,000 acres d. $400 and 200,000 acres b . $200 and 400,000 acres e. $400 and 300,000 acres C . $300 and 300,000 acres 21. Refer to the following chart to answer the next questions. Assume that the quantity of a certain type of farmland is 300,000 acres and the demand for this land is gi in the table below: Pure land rent per acre Land demanded in acres $500 100,000 400 200,000 300 300,000 200 400,000 100 500,000 50 600,000 If the productivity of the land increases such that 100,000 more acres are demanded at each price, what will the economic rent be? a. $100 d. $400 b. $200 e. $500 $300 22. A decrease in the interest rate will a. cause households to increase their C . cause households to decrease their demand for loanable funds. supply for loanable funds. b. cause households to increase their supply d. cause households to decrease their for loanable funds. demand for loanable funds