1. Imagine yourself to be the owner of a large tract of agricultural land. You want the land to be productive but then you have no idea how to farm. A landless farmer approached you, and discussed with you the possibilities of him tilling your farm. What kind of economic/financial arrangement do you think would be appropriate so that both of you benefits from the relations? Possible arrangements include: A. Employment of the farmer to be paid a fixed monthly wage B. Proportionate sharing of costs and profit C.Landowner bears all costs of farming implements and gets a bigger share of the profits D. Other options. Please elaborate your answer

1. Imagine yourself to be the owner of a large tract of agricultural land. You want the land to be productive but then you have no idea how to farm. A landless farmer approached you, and discussed with you the possibilities of him tilling your farm. What kind of economic/financial arrangement do you think would be appropriate so that both of you benefits from the relations? Possible arrangements include: A. Employment of the farmer to be paid a fixed monthly wage B. Proportionate sharing of costs and profit C.Landowner bears all costs of farming implements and gets a bigger share of the profits D. Other options. Please elaborate your answer

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.11P

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1. Imagine yourself to be the owner of a large tract of agricultural land. You want the land to be productive, but then you have no idea how to farm. A landless farmer approached you and discussed with you the possibilities of him tilling your farm. What kind of economic/financial arrangement do you think would be appropriate for both of you to benefit from the relations? Possible arrangements include:A. Employment of the farmer to be paid a fixed monthly wage; B. Proportionate sharing of costs and profit; C. Landowner bears all costs of farming implements and gets a bigger share of the profits; and D. Other options. Please elaborate on your answer *2. Reverse the scenario, this time, you are the farmer. The same question and options apply. Which do you choose? Clarify your response.
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