The government wants to increase ecotourism by using farmland to establish special habitats for endangered species. The government will pay farmers half the revenue per acre of habitat that farmers would have received if they had grown wheat on that land. The average wheat yield per acre is 6363 bushels. The average price of a bushel of wheat is $3.76$⁢3.76. How much would the government pay a farmer who wants to establish a habitat on 44 acres of land? Enter your answer in the box below and round to two decimal places if necessary.

The government wants to increase ecotourism by using farmland to establish special habitats for endangered species. The government will pay farmers half the revenue per acre of habitat that farmers would have received if they had grown wheat on that land. The average wheat yield per acre is 6363 bushels. The average price of a bushel of wheat is $3.76$⁢3.76. How much would the government pay a farmer who wants to establish a habitat on 44 acres of land? Enter your answer in the box below and round to two decimal places if necessary.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 21CTQ: Provide two examples of goods/services that are classified as private goods/services even though...

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