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

Optimal Pricing for an Aggregate Demand Curve., Suppose you have ten indivi...

Suppose you have ten individuals with values ( $1, $2, $3, $4, $5, $6, $7, $8, $9, $10) . Your marginal cost of production is $2.50. What is the profit maximizing price?

Shares, How to record shares for a company for a project

How to record shares for a company for a project

Gap between theory and practice, Managerial economics bridges the gap betwe...

Managerial economics bridges the gap between economic theory and practice

What is the function of a quality plan, What is the function of a Quality P...

What is the function of a Quality Plan? Who must create it? The Quality Plan effectively defines how the work is to be executed and this is complementary to the Project Plan th

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

How can the size of shadow economy estimated, How can the size of shadow ec...

How can the size of shadow economy estimated? The size of the shadow economy is estimated when activity is undeclared as the amount of informal activity can be calculated: a

ASSIGNMENT, What is a bowed out shape? Why does a production possibilities...

What is a bowed out shape? Why does a production possibilities frontier with increasing opportunity costa have a bowed-out shape?

Asking, B. Complete the following table

B. Complete the following table

Financial economic, What do you believe are the consequences of a rating do...

What do you believe are the consequences of a rating downgrade?

Production function, Suppose a firm’s budget were large enough to employ 10...

Suppose a firm’s budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function i

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