You belong to a group of local entrepreneurs that owns a 10-acre blueberry farm called Singing the Blues. You could farm the land yourselves or rent it out for $7,000 per year. Another option is to sell the land this year at its current market price of $80,000. The price of the land next year will be $78,000. If you sell it, your group has an investment opportunity from which you expect to make a return of 6 percent per year. What is the opportunity cost of using the land this year to grow blueberries? QUESTION 20 A lawyer is contemplating quitting her current job with a major corporation (annual salary $110,000) to open her own law firm. She estimates that the total cost of operating the office will be approximately $118,000 per year. The potential revenue is estimated as $200,000 per year. What is the economic cost? QUESTION 21 288 2 MacBook Air 2 &