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

Business enviornment fact-finding, 1. The student is required to research a...

1. The student is required to research a business topic, drawing information from a number of sources, prepare and give a talk to a group, and answer questions. Simply presenting

How will you deal with common level of presentation, You are dissatisfied a...

You are dissatisfied along with the common level of presentation of one of your team. The quality of work is below your hopes. How will you deal along with this? You could take

Applied financial econometrics, suppose that you have 150 observations on p...

suppose that you have 150 observations on production and investment and you have estimated the following ADL(3,2)model;

Anti-dilution protection, Suppose that EBV makes a $6m Series A investment ...

Suppose that EBV makes a $6m Series A investment in Newco for 1m shares at $6 per share. One year later, Newco has fallen on hard times, and receives a $6m Series B financing from

Macroeconomic, Question 1 (9 marks) During the 1990s, technological advan...

Question 1 (9 marks) During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets a

Draw indifference curves - optimal consumption, You are allocating money be...

You are allocating money between pizza and Chinese food over a month. You like a variety.   (a) Letting C denote the quantity of Chinese meals you consume in a month and P denot

Organization of Industries: Cornot-Nash Equilibrium Problem, Suppose an oli...

Suppose an oligopoly consists of three identical firms. Industry demand is P = 100 - 2Q and MC = AC = 20. What is the Cournot–Nash equilibrium output in this industry

Monetary policy and fiscal policy, QUESTION Write short notes on any th...

QUESTION Write short notes on any three (3) of the following: (a) National income and the standard of living. (b) Globalization and its implications for developing countr

Compare and contrast the main theories of a demand for money, QUESTION 1 ...

QUESTION 1 (a) Compare and contrast the main theories of a demand for money. (b) Specify a money demand function for a small island economy like Mauritius. QUESTION 2

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