Since climate has a significant impact on the productivity of agricultural lands, the price of agricultural lands in the areas of more conducive climate is more expensive than those of less conducive one. Over time people, however, has been finding various technological advancements that continuously raise land productivity, regardless of its location. Despite such phenomenon, the price of agricultural lands, unlike other lands, fallsa. Explain the concept of elasticity.b. What are the determinants of the price elasticity of demand? Explain.c. Using the elasticity concept, explain why the price of agricultural lands has a negative correlation with land productivity. d. Explain why, over time the price of lands has a negative correlation with land productivity.

Since climate has a significant impact on the productivity of agricultural lands, the price of agricultural lands in the areas of more conducive climate is more expensive than those of less conducive one. Over time people, however, has been finding various technological advancements that continuously raise land productivity, regardless of its location. Despite such phenomenon, the price of agricultural lands, unlike other lands, falls a. Explain the concept of elasticity. b. What are the determinants of the price elasticity of demand? Explain. [3 points] C. Using the elasticity.r concept, explain why the price of agricultural lands has a negative correlation with land productivity. d. Explain why, over time the price of lands has a negative correlation with land productivity