TABLE 9.  Whole farm summary, Cibola County, 2001.
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GROSS RETURNS
  ALFALFA HAY            4  ACRES
    CROP                                       $1,540
    GRAZING                                       $40
  PASTURE                4  ACRES
    CROP                                         $240
  FIELD CORN             1  ACRES
    CROP                                         $143
 
                                                               _________
     GROSS RETURN                                                $1,963
 
 
 
CASH OPERATING EXPENSES
     SEED                                         $66
     FERTILIZER                                    $0
     CHEMICALS                                     $0
     CROP INSURANCE                                $0
     OTHER PURCHASED INPUTS                       $46
     CANAL WATER                                  $90
     FUEL, OIL & LUBRICANTS-EQUIPMENT             $61
     FUEL-IRRIGATION                               $0
     REPAIRS                                       $5
     CUSTOM CHARGES                               $79
     LAND TAXES                                    $3
     OTHER EXPENSES                            $1,640
                                                      _________
         TOTAL CASH EXPENSES                            $1,990
 
RETURN OVER CASH EXPENSES                                          ($28)
 
FIXED EXPENSES                                   $729
 
         TOTAL EXPENSES                                 $2,719
 
NET FARM INCOME                                                   ($756)
 
LABOR AND MANAGEMENT COSTS                       $663
 
NET OPERATING PROFIT                                            ($1,419)
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL                 $9
     INTEREST ON EQUIPMENT INVESTMENT            $535
                                                      _________
         TOTAL CAPITAL COSTS                              $545
 
RETURN TO LAND AND RISK                                         ($1,964)
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                              RETURN         RETURN ON
LAND VALUE                  TO RISK*         INVESTMENT**
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  $1,000 /ACRE              ($2,364)           -10.19%
  $2,500 /ACRE              ($2,964)            -4.91%
  $4,000 /ACRE              ($3,564)            -3.23%
  $5,500 /ACRE              ($4,164)            -2.41%
  $7,000 /ACRE              ($4,764)            -1.92%
  $8,500 /ACRE              ($5,364)            -1.60%
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*  RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A
** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L