What is the maximum distance at which farmers would grow

Reference no: EM133366690

Von-Thiinen Model H Farmers that grow wheat need to sell their product at the market M (where x=0). Marginal cost of growing equals c=$5, marginal travel cost is t=4 (per mile and ton} and the market's WTP for wheat is $120 per ton. a) what is the maximum distance x* at which farmers would grow wheat? b) For each distance point x=10, x=20, and x=30, sayr whether anybody would grow wheat or not and what the resulting land rent would be. Note, rents cannot be negative.

Reference no: EM133366690

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