Question: (a) (2 points) Suppose the farmer has to pay 0% of their yield to the landowner, and the farmer's next best alternative is working informally

(a) (2 points) Suppose the farmer has to pay 0% of their yield to the landowner, and the farmer's next best alternative is working informally for $5 per hour. Find the optimal amount of labor for the farmer. (b) (4 points) Now consider the case where the farmer keeps only % of their yield (as shown in the graph). Calculate the farmer's profit, the landlord's profit, and the dead weight loss associated with this sharecropping agreement. (Answers need to be numeric) (c) (4 points) The presence of dead weight loss means sharecropping is inefficient. What is the benefit to the farmer from sharecropping

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