6. Consider the following illustration of land rents for alternative land uses. The farmer is the land owner and she would like to sell her land. a. Land use As Housing 15-3 Housing Calculate the land value per hectare in farming (W, Y] and in housing (X, 2] from the farmer's and society's perspective. What is the economically optimal land use from the farmer's perspective? society's? Why? Provide three examples from class lecture of positive externalities to society from low density {recreationaL agricultural) land use relative to private benets of high density (e.g, residential, commercial] land use. What are at least 3 potential policy alternatives available to 'society' (local government or civic organization] to achieve the societal optimum and who gains! loses by how much by employing these options? Farmer Society Annual Iand rents 500 1500 1000 1000 Land price p_er hectare {FUJI}! W= Y= X: Z