,（q-f）/h,isderivedwhenthema,giventhehighestvalueof（q-f）/h,thelandsizepertenant（T1）isdetermined,andthecorrespondingrentalpercentage,r,willbear/www.youxs.org,（q-f）/horrq/h,equalsthemarginalproductofland,.

AtT1also,wehavetheuniqueconditionfortherentalpercentage

Thisisidenticalwithourmathematicalsolution,wherewehave

sinceinourmathematicsweassumeonlyonetenantinput,f=Wt.

[1].,forexample,isnotyetimportantinthistheoryandisignored.

[2].Forsimplicityofpresentation,,however,thattheannualyield,q,mayincludeavarietyofcrops;giventheirrelativemarketprices,thevalueofeachmaybeexpressedintermsofonecrop,

[3].Toavoidsemanticproblems,,asisusuallythecase,therelevant”shifts”toconsiderarewhenq/,thetheoreticalouteisthesame.

[4].Giventheappropriatediscountrate,

,andthefutureinestreamfromtheland,Y1,Y2……,Yn,YinotnecessarilyequaltoYj,thereexistsa

,calledtherentalannuity,suchthat

Iftheprivatelandrightisperpetual,wehave

,whereV0isthepresentvalueofland.

[5].Thenotionthatrentisacostofproductionbegan,perhaps,ounts,foritisfromthisthatthelandvalueisderived.

[6].Itremainstoshowhowthelastplotoflandbelongingtothesamelandlordisallocated,hesametime,,atenantmayownasmallareaoflandhimself,,ifthelandsizeofthelastplotassignedtoatenantfamilyissmallerthantheequilibriumsize,thetenantwillemploypartofhisresourceselsewhere,possiblyoutsidethefarmingsector.

[7].Theterm”landhomogeneity”employedhere,whichpresupposesidenticalmarketlocation,renderstheunambiguouscondition:Giventhesamemaximumvaluesof（q-f）/handthesameratiosoftenantinputstolandindifferentfarms,,giventheproductionfunction,therentalpercentageandthelandsizepertenantwilldependon（1）tljefertilityoflandand（2）thecostoftenantinputs.

[8].Notethatthepeakofthishigher（q-f）*/,,wherethe（q-f）/h,orthenetreturntoland,（q-f）*/hatT1dividedbyq/h.

[9].Thefactthatmostleasesundersharetenancyarenotperpetualhasb,ssetholdingsofthecontractingparties,,seechapter4,sectionC.

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Anumberofquestions,boththeoreticalandempirical,relatedtosharetenancydeservefurtherinquiry,,however,answerstotwoquestionsaresought.

Letusbeginwiththequestion:Whatarethedifferencesbetweenfixed-rentandsharecontracts?Underprivateownershipofresources,thebasicdifferencebetweenfixedrentandsharetenancyliesinhowthechosenlabor-landratio（ortheratioofnonlandinputstoland）,giventherentperacre,thetenantstateshowmuchlandhewillemploy,andhealonedecides-subjecttotheconstraintofpetitionaswithshare,however,thelando,thewealthmaximizsofcontracts,thesameresourceuseisimplied.