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Refer to the following figure. See page 466. More economic rent Economic rent Quantity of Land a. Suppose that Q1 - 15 acres and

Refer to the following figure. See page 466. More economic rent Economic rent Quantity of Land a. Suppose that Q1 - 15 acres and P1 = $4,000 per acre. What is the dollar amount of economic rents received during the current period, and why is this amount classified as economic rents? (See page 466) b. Suppose that P2 = $5,200 per acre. By how much do economic rents change when the rental rate on land rises from P1 to P2 in the figure? unad ac

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