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.