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Fred owns 5 hectares of farming land. He can farm the land himself producing a crop worth $120,000. The explicit costs involved are $30,000. His best alternative is to rent the land to his neighbour for $60,000 and work in the local town earning $50,000.
(a) Using precise economic language explain Fred's most profitable decision.
(b) Fred is told he can hire a competent farm manager for $35 000 to run the farm for him. Will this change his decision? Explain.
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