In the Shire, farmers can rent land for $100 per acre per year. All the acres...
In the Shire, farmers can rent land for $100 per acre per year. All the acres are identical. Merry Brandybuck rents 30 acres on which he grows carrots. Pippin Took rents 20 acres on which he grows corn. They sell their produce in a perfectly competitive market. Merry boasts that his value of the marginal product of land is twice as large as Pippin’s. Pippin replies that, if this is true and if Merry wants to maximize his profit, Merry is renting too much land. Is Pippin right?
Homework Answers
Merry Brandybuck rents 30 acre and earns 30*100 = $3000
Pippin took 20 acres on rent and has to pay $100*20=$2000 as rent.
Let us assume that marginal product(Change in total product/change in input) is twice for Merry then if she grows corn and sell s in perfectly competitive market then revenue will only go up as prices are going to remain the same.
Pippin is right in analysis as renting will be less profitable then.
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