Refer to the Figure Below

question 17

Essay

Refer to the figure below. Suppose that the supply of land is constant at L acres, and rent per acre is
$400. In addition, the before-tax demand for land can be characterized by the equation P = 500 - 2L, where L is the acres of land and P is the rent.
(A)What is the constant supply of land (L)in the market?
(B)If the after-tax demand curve, , can be written as P = 400 - 4L, what is , and how much tax revenue is generated?

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