There are economies of scale in ranching. especially with regard to fencing land

Question

There are economies of scale in ranching. especially with regard to fencing land. Suppose that barbed-wire fencing costs $18.000 per mile to set up. Instructions: Enter your answers as whole numbers. a. 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? $ . b. How much would it cost to fence exactly four such properties. which together would contain four square miles of area? $ c. Now, consider how much it would cost to fence in four square miles of ranch land if. instead, it comes as a single large square that is two miles long on each side. $ d. Which is more costly?fencing in the four, one-square-mile properties or the single four-square-mile property?

Explanation / Answer

Area of a square = (Side)2

Fencing perimeter = 4 x Side

(a) Area = 1, so each side = 1

Total cost = $18,000 x 4 = $72,000

(b) Total area of 4 properties = 4 Sq miles.

Area of each property = 1 Sq mile.

Side of each property = 1

Perimeter of each property = 1 x 4 = 4

Total cost = ($18,000 x 4) x 4 = $288,000

(c) Each side = 2

Perimeter = 2 x 4 = 8

Total cost = $18,000 x 8 = $144,000

(d) Fencing in the four 1-square mile properties (case b) is costlier.

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