Please help me with b. Thanks! Suppose that an environmentally polluted area of land is cleaned up. After the clean-up, the supply of land increases from 5 acres to 7acres.a. Using the supply-and-demand model below, show how the supply of land changes as a result of the clean-up.Instructions: Use the tool provided 'Supply2' and plot only the endpoints of the line such that the first point touches the horizontalaxis.Your Graph Score: 100%Market for LandSample Answer504540S2353025S2137 810Click to enlarge201510Supply25D1 2 3 4 5 6 7 89 10Land rent (dollars) Instructions: Enter your answer as a whole number.b. Using your graph, after the change in supply, the total value of economic rent for all acres of land decreasesby $

The economic rent , also called producer surplus, signifies the ability of a production factor to…

Answered: Instructions: Enter your answer as a…

Instructions: Enter your answer as a whole number. b. Using your graph, after the change in supply, the total value of economic rent for all acres of land decreases O by $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Please help me with b. Thanks!

Suppose that an environmentally polluted area of land is cleaned up. After the clean-up, the supply of land increases from 5 acres to 7
acres.
a. Using the supply-and-demand model below, show how the supply of land changes as a result of the clean-up.
Instructions: Use the tool provided 'Supply2' and plot only the endpoints of the line such that the first point touches the horizontal
axis.
Your Graph Score: 100%
Market for Land
Sample Answer
50
45
40
S2
35
30
25
S2
1
3
7 8
10
Click to enlarge
20
15
10
Supply2
5
D
1 2 3 4 5 6 7 8
9 10
Land rent (dollars)

Instructions: Enter your answer as a whole number.
b. Using your graph, after the change in supply, the total value of economic rent for all acres of land decreases
by $

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