Agriculture and Forestry Statistics Questions Essay Paper Solution 1

Agriculture and Forestry Statistics Questions Essay Paper

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Agriculture and Forestry Statistics Questions Essay Paper

 

Settlers are beginning to land on the west coast of Canada from across the Pacific Ocean. They arrive to an empty landscape that is only suitable

for agriculture or forestry. Land that is closer to the coast is flatter and warmer, and thus, is better situated for agriculture. In contrast, land located

further away from the coast has a more moderate climate and is more conducive for forestry. Let x denote the number of miles a plot of land is

from the coast. The coastal mountains of Canada are rugged; thus, only 15 miles of land can be used for agriculture or forestry. For simplicity, let’s

assume that plots of land are divided into parcels that are 1 mile in length (i.e., x = 1, 2, 3, …, 15). Let r = 0.05 be society’s annual discount rate.

Note that land devoted to agriculture permits a single harvest per year; thus, land devoted agriculture should be discounted using discrete time.

Trees, on the other hand, grow continuously; thus, land devoted to forestry should be discounted using continuous time. Initially, all plots of land

are immediately ready for agriculture; land devoted to forestry, in contrast, must incur a fixed cost of planting trees.

 

Part A: The agriculturalist’s problem [5 points] Consider the agriculturalist’s problem of allocating work-ers to a plot of land. Suppose that land

devoted to agriculture has a production function of f(N) = (a − x)Nt − (b/2) N^2 [PLEASE LOOK AT THE IMAGE FOR THE CORRECT

EQUATION], where a = 20, b = 2, and Nt is the number of workers in year t. Suppose agricultural output receives a price of pa = 1 in a perfectly

competitive market, which is assumed to be constant over time. For simplicity, suppose that the supply of workers is perfectly elastic and the per-

worker wage is equal to zero.

1. i) Find the optimal number of workers N∗for a plot of land that is x miles away from the Hint: your answer will not be a number; it will be a function of x.
2. ii) Calculate the net present value (NPV) of a plot of land that is x miles from the coast and devoted to agricultural in perpetuity. In Excel plot the NPV of agricultural land with distance from the coast x on the horizontal axis (use x = 1, 2, 3, …, 15).

[THE NEXT PARTS ARE IN THE IMAGES ATTACHED. Please look at the images for the actual questions as some mathematical notations are hard to type out. Thank you.]

Agriculture and Forestry Statistics Questions Essay Paper

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