There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $15,000 per mile to set up Instructions: Enter your answers as a whole number a. How much would it cost to fence a single property whose area is one square mile if that property also happens to be perfectly square, with sides that are each one mile long? b. How much would it cost to fence exactly four such properties, which together would contain four square miles of area? c. Now consider how much it would cost to fence in four square miles of ranch tand it, Instead, it comes as a single large square that is two miles long on each side. d. Which is more costly-fencing in the four, one-square-mile properties or the single four-square-mile property? Four, one-square-mile properties The single four-square-mile property