There are economies of scale in ranching, especially with regard to fencing land
ID: 1220913 • Letter: T
Question
There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs dollar 16, 000 per mile to set up. Instructions: Enter your answers as whole numbers. How much would it cost to fence a single property whose area is one square mile if that property also happens to be perfectly square, with sides that are each one mile long? dollar would it cost to fence exactly four such properties, which together would contain four square miles of area? dollar instead, it comes as a single large square that is two miles long on each side. dollar d which is more costly-tencing in the four, one-square-miles properties or the single four-square-mile property?Explanation / Answer
(a) Cost of fencing one mile = $16,000
Length of side of single property whose area is one square mile = 1 mile
Perimeter of single property = 4 * side = 4 * 1 mile = 4 miles
Cost of fencing single property = Perimeter * Cost of fencing one mile = 4 miles * $16,000 = $64,000
The cost to fence single property whose area is one square mile is $64,000.
(b) Cost of fencing single property whose area is one square mile = $64,000
Cost of fencing exactly four such properties = 4 * $64,000 = $256,000
The cost to fence exactly four such properties which together would contain four square miles of area is $256,000.
(c) Cost of fencing one mile = $16,000
Length of side of single four-square mile property = 2 miles
Perimeter = 4 * side = 4 * 2 miles = 8 miles
Cost of fencing this property = Perimeter * Cost = 8 * $16,000 = $128,000
The cost of fencing a single four square miles of ranch is $128,000.
(d) Fencing four-square mile properties cost $256,000.
Fencing one single four-square-mile property cost $128,000.
Thus, fencing the four, one-square mile properties is more costly.
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