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iii. Suppose that society and the agriculturalist have the same value for the land that is devoted to agriculture. What is the NPV of the

iii. Suppose that society and the agriculturalist have the same value for the land that is devoted to agriculture. What is the NPV of the land to society if land use is determibed by the competitive marjet? How does this compare to society's NPV of the land if the landuse is allocated across activities to maximize social welfare

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