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Consider a farmer with total revenue of $500 per acre. The nonland cost of producing the goods is $100 per acre. It costs $40 per mile to ship one acre's worth of goods to market. Assume perfect competition for land.

a. What will the land rent be right next door to the market? Why?

b. What will the land rent be 4 miles away from the market? Why?

c. How far will the "market area" serving this market extend? Why?

d. Suppose that total revenue falls

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Category:- Chemistry
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