Question 1
If the
MRP of land is less than its price, a firm should
◦ use more land.
◦ use less land.
◦ try to decrease the productivity of land.
◦ increase the price it is willing to pay for land.
Question 2
If land becomes more valuable in residential use than in commercial use
◦ the supply of land available for commercial use should decrease and the supply of land for residential use should increase.
◦ there can be no change in the allocation of land because land is fixed in supply.
◦ there will be no change in the allocation of land, as there is no responsiveness to price changes by suppliers of land.
◦ the supply of land for commercial use will become perfectly elastic, and the supply of land for residential use will become perfectly inelastic.
USA—the land of diversity.
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