Land. The hypothetical ranch consists of 800 acres of land. Half of the land, 400 acres, is owned by
the rancher and includes the irrigated pasture. The remainder of land is leased, private rangeland.
Currently land adequate for grazing ranges from $500 to $3,000. An average price of $1,050 is used for
this study. Private range leased in this region varies from $6 to $18 per animal unit month (AUM)
depending on the quality of the land. An AUM in this region for dryland range is 10 to 12 acres per
cow. In this study the land has a lease price of $12 per AUM per month and a total of 58.75 animals is
assumed.