(Solved): A Company Mines 300,000 Tons Of Coal Per Year In A Rural County. The Coal Is Worth $77 Per Ton. The ...

A company mines 300,000 tons of coal per year in a rural county. The coal is worth $77 per ton. The average price for a 2,000-square-foot house with three bedrooms more than 20 km away from the mining site in this county is $220,000. The average price for a similar, 2,000-square-foot house with three bedrooms within 4 km of the mine is 2 percent lower. Using comparative statics, what is the effect of mining on home prices in this county? Mining changes the price of a 2,000-square-foot home (with three bedrooms) by $ . (Round your response to two decimal places and use a negative sign if necessary.)