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Suppose members of the elite own land but commoners do not. Draw supply and demand graphs for each of the following cases: (i) commoners rent
Suppose members of the elite own land but commoners do not. Draw supply and demand graphs for each of the following cases: (i) commoners rent land from elite individuals; (ii) elite individuals pay commoners a wage to work on their land. In each case, say who is on the demand side and who is on the supply side. Use your graphs to show what happens if the number of commoners rises but the amount of land stays the same. Then use economic reasoning to interpret your results.
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