a) Express the user cost of one dollar's worth of land through RP and 'r. Explain how your answer is consistent with the Jorgenson's formula. (Hint: assume that land does not experience wear and tear depreciation, that is, d : 0) b) Let P : 1000 dollars per acre, P' : 1020 dollars per acre and T : 0.05. If Joe were to lease the land instead of buying, what is the current annual rental amount per acre that covers the land's user cost? c} Set K = 0.01. Continue to assume that P = 1000 dollars per acre, P = 1020 dollars per acre, but now treat 1-" as a variable. Use Joe's prot maximization condition to derive the expression for the investment decision rule, RIO"). Plot the investment decision rule for 2-" E [003,01] (Hint: Use the prot maximization M'B : MC condition to relate k: and 1". Then solve this equation for k: to get the investment decision rule k(T))