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[1] (a) Discuss in detail the Chayanov model of agricultural households, and with the help of a diagram, determine the overall equilibrium outcome. If land is in fixed supply, show that in the Chayanov model, households with smaller endowments of land relative to family size would cultivate their land more intensively (labour per unit of land). (b) In the Chayanov model, suppose an individual maximizes the utility function represented as U(C, 1)=CO.4 10.6 subject to, I + L S T and Y=L0.5 Find the optimum level of consumption, leisure, labour and output. What conditions do you need to guarantee that this is indeed the optimum? (c) Critically evaluate the pros and cons of the Chayanov model to compare with the Barnum-Squire model of agricultural household. Discuss the relevance of these agricultural models in the context of developing countries