Reference no: EM13705862
Question 1:
Message : 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?
b) How many stages of production does this function represent? Mention them.
c) Between which levels of fertilizer would you advise a farmer to operate rationally?
d) Give an intuitive reason why you would advise a farmer to operate rationally in the stage you said in (c) above
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 oth er input.
Question 2:
a) Differentiate an isoproduct from an isoquant map. Illustrate the difference and also explain the characteristics underlying an isoquant.
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.
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
d) Explain the difference between factor-product relationship and product-product relationship
Question 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.
b) Explain the following concept s and illustrate them graphically.
i) Isoquants.
ii) Ridge lines.
iii) Expansion path.
iv) Technical complements.
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