SOLUTION: ECON 420 CSUSM Urban Economy Rent Cost Market Rent Rate & Unit Prices Worksheet

Attached. Please let me know if you have any questions or need revisions.Chapter 6Problems: 1, 3, 4 (answers)1a)In case the technique is open to all farmers for use then Mr. Greengene rent will increase. Mr.Greengene pays to Lauren a rent of $500 per hectare. When Mr. Greengene uses a newmethod Lauren expects that rent will increase by $300.Maximum rent that Lauren can ask foris $800 only if she decides to hires a new farmer who is willing and able to pay $800 in placeof Mr. Greengene.If all farmers adopt the new technique then some farmer’s rent cost willreduce by $300 while some will be pay $800 for their rent.1b)When patents exist then rent remain unchanged, if Lauren ask for increased rent Mr.Greengene leave the farm. $500 is the market rent rate even if Lauren hires new farmers shecannot charge above $5003a)The graph above distance is ploted in the x axis while price on the y-axis.Unit price of transportation is $12 per mile. Distance from 0-5 are plotted , cost from 12-60thus line A-B is the bid-rent curve per mile.3b)The bid rent is …

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