Agricultural experiment examined response of corn production

Assignment Help Business Economics

Reference no: EM131159509

An agricultural experiment examined the response of corn production (output C) to variations in two inputs pounds of nitrogen fertilizer per acre (N) and the number of corn plants planted per acre (P). Thus, the production function is on the form C = f(N,P). The results of this experiment are presented below, where the numbers in the matrix are the bushels of corn yielded per acre (output C) resulting from the various combinations of the inputs N (rows in the matrix) and P (columns in the matrix)

lbs of Nitrogen (Per acre (N) #of plants placed per acre(P)

9000 12000 15000 18000

0 50.6 54.2 53.5 48.5

50 78.7 85.9 88.8 87.5

100 94.4 105.3 111.9 114.2

150 97.8 112.4 122.6 128.6

does the law of diminishing returns hold in this case when the # of pounds of nitrogen per acre (N) is considered to be the variable input? give a numerical example.

Reference no: EM131159509

Questions Cloud

Equilibrum quantity and equilibrium price for the commodity : Find the equilibrum quantity and equilibrium price for the commodity whose supply and demand functions are given. supply:p=q^2+20q demand:p=-4q^2+10q+5200

What is the IRR of this investment : CPM Construction plans to buy a truck for $150,000 and expects $100,00/year as an income. The company plans to sell it fro $15,000 at the end of Year 5. The annual operating cost of the vehicle is $60,000. What is the IRR of this investment?

Determine whether the mix of labor and capital is opitmal : A manufacturer of a product reports that the marginal product of labor is 10 units of output per hour of labor and that the marginal product of capital is 2 units of output per unit of capital. the price of labor is $20 and the price of capital is $4..

Economic significance of the first term of the expression : Assume that a cost function has been derived empirically for a large firm: what is the economic significance of the first term of the expression, 100? what is the marginal cost of production in this cast?

Agricultural experiment examined response of corn production : An agricultural experiment examined the response of corn production (output C) to variations in two inputs pounds of nitrogen fertilizer per acre (N) and the number of corn plants planted per acre (P). Thus, the production function is on the form C =..

What is the opportunity cost of ted capital : Ted Baxter runs a small, very stable newspaper company in southern Oregon. The paper has been in business for 25 years. The total value of the firms capital stock is $1 million, which Ted owns outright. This year, the firm earned a total of $250,000 ..

Classical economists believe that supply creates demand : Classical economists believe that supply creates demand—that the production of goods generates demand. People working and making salaries spend their money on goods. The production of goods (supply) creates purchases (demand). Which of the two views ..

Proposed free trade areas : Proposed Free Trade Areas - there are many proposals for establishing free trade areas in Asia or the Americas. The US has completed free trade agreements with a number of countries (see USTR web site); there is a free trade area among some countries..

Immigration issues : Immigration Issues – immigration issues have played a large part in U.S. domestic policy and in the current presidential campaign. What should U.S. immigration policy be? Given immigration limits, how should the U.S. decide which people to admit?

User Account

All Pages