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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 $

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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)
Transcribed Image Text: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 $
Transcribed Image Text: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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