Directions: Please answer each of the following questions, writing a paragraph for each. Explain your thoughts with theory and examples where applicable.
1. A recent flood in the Midwest has destroyed much of the farmland that lies in fertile regions near the rivers
Directions: Please answer each of the following questions, writing a paragraph for each. Explain your thoughts with theory and examples where applicable.
1. A recent flood in the Midwest has destroyed much of the farmland that lies in fertile regions near the rivers. Describe the effect of the flood on the marginal productivity of land, labor, and capital. How would the flood affect the price of inputs? Provide some examples.