Title: The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its ... Post by: parneetgill on Mar 3, 2019 The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its land was used to grow pineapples. Now, many of the pineapple fields have been replaced by tourist accommodations, including a pair of world-class hotels and a top rated golf course. What would an economist say about this change in land-use patterns?
• While growing pineapples used the island's land more efficiently, tourism provides utility to the largest number of people. • Agriculture is still the land's highest-valued and most efficient use, but tourism earns more profits for Castle & Cooke. • Economic rent has allocated the island's resources to their highest valued use: tourism. • To find the land's economic rent, add the price per acre that land on Lana'i would be worth if used to grow pineapples to the value per acre when used for a golf course. Title: The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its ... Post by: Nashua on Mar 3, 2019 Content hidden
Title: The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its ... Post by: parneetgill on Mar 3, 2019 Thanks
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