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

RAILWAY ECONONOMIS, EVALUATING THE IMPLICATION OF IMPLIMENTING PRODUCT MIX ...

EVALUATING THE IMPLICATION OF IMPLIMENTING PRODUCT MIX FOR FREIGHT RAILWAYS

Social economic and non economic factor in development, What are the social...

What are the social economic factors and non economic factors in the development process? Development is a process including change into a number of social economic and non eco

Can less developed countries grow by secondary sector, Can economies grow o...

Can economies grow of less developed countries by developing its secondary sector? Economies grow of less developed countries by developing its secondary sector because manufac

Test review question, greg and todd form a partnership and start a business...

greg and todd form a partnership and start a business in which each has a 50 percent share of the profit. after a year, the firm goes bankrupt and has debts of $20,000. greg has no

How is the social capital measured, How is the social capital measured? ...

How is the social capital measured? Measurement of the socilal capital: Social capital is a latest, multidimensional, qualitative idea which is problematic to measure. Res

Regulation and deregulation, how does the buying and selling of stock fit t...

how does the buying and selling of stock fit the model for perfect competition?

Linea programming, use of linear programming in decision making

use of linear programming in decision making

Is ownership of change important for development, Is ownership of change im...

Is ownership of change important for development? Successful polices depend onto countries owning the process. When the economic reforms required for development are considere

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