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. Market for Land 50 Tools 45 40 Supply2 35 30 25 20 15 10 1 2 3 4 5 6 8 9 10 Quantity (acres of land) Land rent (dollars)

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. Market for Land 50 Tools 45 40 Supply2 35 30 25 20 15 10 1 2 3 4 5 6 8 9 10 Quantity (acres of land) Land rent (dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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