Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 18, Problem 11E
To determine
Impact on Land
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Students have asked these similar questions
A village has five residents, each of whom has accumulated savings of $100. Each villager can use the money to buy a government
bond that pays 12% interest per year or to buy a year-old goat, send it onto the commons to graze, and sell it after one year. The price
of the goat that the villager will get at the end of the year depends on the amount of weight it gains while grazing on the commons,
which in turn depends on the number of goats sent onto the commons, as shown in table below.
information is
Number of
goats
Price per
2-year old goat
Income per
goat
1
130
30
2
125
25
3
120
20
4
115
15
5
105
5
Refer to the table above in Q10. Suppose a village elder decides the total number of goats and bonds with the goal of maximizing total
village income. The village income will be ___.
Answer: 586
Increasingly sophisticated communications technology is allowing more people to work
at home. What effect do you think this might have on land-use patterns, specifically the
density of residential development?
Question #3. Assume that crop rent gradients for three different crops are a function of crop type and soil fertility. The rent gradient for broccoli is -.02r+3. The rent gradient for spinach is -.005r+2 and the rent gradient for wheat is -.00167r+1.
Given a farm with 600 acres, how many acres would be planted with each crop?
How would this change if the government decides to subsidize spinach production by $0.50—shifting the curve out by $0.50?
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