Pasture rent is fairly low here - - down to $15 for unimproved pasture, up to $40 for converted hay fields. That will change if corn stays high. Sounds like some rents are going to $70...
We have heavy soil and yield varies pretty much with the rent - - 1.75 to 5 tons on a decent year.
Waste varies a lot with when and how you graze it, with 50 to 60% utilization being good.
Pasture inputs for me are spot spraying (almost no cost), clipping most acres once per year (about $16 on converted hay fields), and an annual early spring kick start of manure or N/S/B (about $34 average) on most acres.
No establishment cost is included!
So for a very optimistic improved pasture example: (30+34+16)/(5*2000*.6)=$0.013
So for a somewhat optimistic no input pasture example: (15)/(1.75*2000*.5)=$0.009
Once pasture costs start getting over 3 cents per pound you have to think about buying in forage... It costs money to handle it but you get lots of manure