Agriculture economics, Business Economics

Assignment Help:
A1. Given the following production function
Level of fertilizer Level of maize
0 0
1 44.9
2 83.6
3 110.1
4 127.3
5 136.9
6 139.9
7 137.1
8 129.2
a) Calculate the APP, MPP and elasticity of production at different production levels (6marks)
b) How many stages of production does this function represent? Mention them. (4marks)
c) Between which levels of fertilizer would you advise a farmer to operate rationally? (4marks)
d) Give an intuitive reason why you would advise a farmer to operate rationally in the stage you said in (c) above (3marks)
e) Assume two factors of production are competing in a production process. Explain how a decrease in the price of one input may result in an increase in the market price of the other input (8marks).
2. a) Differentiate an isoproduct from an isoquant map. Illustrate the difference and also explain the characteristics underlying an isoquant. (10marks)
b) For the following quadratic production function for production of an output Y, using two variable inputs, X1 and X2 : Y=18X1-X12+14X2-X22 derive the isoquant equation for this production function by solving for X1. Show your work clearly and do not omit important steps (10marks).
c) Derive the marginal criterion for profit maximization for a farm business as a function of output. Explain each of the terms in the marginal criterion you have derived (10marks)
d) Explain the difference between factor-product relationship and product-product relationship (5marks)



3. a) Explain who a peasant farmer is and explain any two peasant household models. Elaborate on the relevance of farm mechanization to a peasant farmer. (20marks)
b) Explain the following concepts and illustrate them graphically.
i) Isoquants. (5 marks)
ii) Ridge lines. (5marks)
iii) Expansion path. (5marks)
iv) Technical complements. (5marks)
sk question #Minimum 100 words accepted#

Related Discussions:- Agriculture economics

Graph the demand and supply curve, Graph the Demand and Supply Curve G...

Graph the Demand and Supply Curve Given below are the demand schedule and supply schedule for china plates. Graph the demand and supply curve on one graph and determine equili

What is the effectiveness of non-government organisations, What is the effe...

What is the effectiveness of Non-Government Organisations, within the promotion of development? Critics argue NGOs (Non-Government Organisations): • Are self-serving and se

Explain the mechanisms of the equity price channels, QUESTION (a) Compa...

QUESTION (a) Compare and contrast the two major transmission channels that characterizes the credit view. (b) Discuss which asset price channel of transmission of monetary p

Act upon of dip recession, There are some examples to government act upon o...

There are some examples to government act upon of dip recession. Number of unemployment last long years in companies and take away labour in order to decreased pressure on expen

What is factor endowment problem, What is factor endowment problem? F...

What is factor endowment problem? Factor endowment Problem: Several LDCs have a poor factor endowment than productivity and incomes both are very low according to world

Compute the lp cost for investment, Suppose that EBV is considering a $5m S...

Suppose that EBV is considering a $5m Series A investment in Newco. EBV proposes to structure the investment as 5m shares of CP with FV of $5m, one-to-one conversion to common, and

Price elasticity of demand, QUESTION 1 (a) Explain the relationship bet...

QUESTION 1 (a) Explain the relationship between scarcity, choice and opportunity cost. (b) How is choice about the use of scarce resources made in a market economy? QUES

Mr, using 8 units of production resource to produce 10,000 c0ws by a farmer...

using 8 units of production resource to produce 10,000 c0ws by a farmer how many sheep could he have produced

Less developed countries economies grow by primary sector, Can less develop...

Can less developed countries economies grow by developing its primary sector as agriculture? Less developed countries economies can grow by developing its primary sector as ag

Define methods utilized to exercise quality control, Define three methods t...

Define three methods than could be utilized to exercise quality control and describe the advantages and disadvantages of all. Methods comprise: • Self-checking:   Rapid, ch

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd