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Joe has several different offers for his land, which is located in the city center. He currently rents the land to a community-supported agriculture (CSA)
Joe has several different offers for his land, which is located in the city center. He currently rents the land to a community-supported agriculture (CSA) farm for $5,000 per month. The city is offering a yearly rent payment of $12,000, to be paid in monthly installments, to put in a city park. Calculate the economic rent Joe is earning and use it to decide whether he should rent his land to the city.
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