RENTS AND PROFITS 



195 



TABLE XIII 



Profits 



$775 

 580 



405 

 250 



US 

 000 



Note that in Table XIII the figures representing the product 

 of the F-grade farmer on the different grades of land are the 

 same as in Table XI, where the Ricardian theory of rent was 

 illustrated. Note also that the figures representing the prod- 

 uct of the various grades of farmers on sixth-grade land are 

 the same as those used in Table XII, where Walker's theory of 

 profits is illustrated. And note further that the remainder of 

 this table is the result of simply following out logically the as- 

 sumption in the two preceding tables. That is, in this table, 

 instead of stopping with a statement of the variations in the 

 product of the different grades of land when farmed by the 

 F-grade farmer, and a statement of the variation of the product 

 of the different grades of farmers on the sixth-grade land, we 

 here give a statement of the product which each grade of farmers 

 produce upon each grade of land, also the rent and the profits 

 which would be approximated, in the case of free competition 

 among the different grades of farmers for the various grades of 

 land. 



It is here assumed that the F-grade farmer, when operating 

 sixth-grade land and a corresponding grade of labor and equip- 

 ment, will just be able to make a living without paying any 

 rent for the use of the land. In other words, we have here a 

 no-profit farmer operating no-rent land. On a basis of the 

 figures in Table XIII, the F-grade farmer can afford to pay $100 

 as rent for the quantity of fifth-grade land on which he would 



