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

Production factors, factors that affects sthe volume of production in econo...

factors that affects sthe volume of production in economy

What are harrod-domar predictions, What are Harrod-Domar predictions? T...

What are Harrod-Domar predictions? The economy is rate of growth, its predictions depends onto: • Capital formation and accumulation and capital output is the critical to de

Question, I thought I was getting an automatic answer

I thought I was getting an automatic answer

What is the average increase, Question (a) The XYZ Election Commission ...

Question (a) The XYZ Election Commission maintains data showing the voting age population, the number of registered voters, and the turnout for federal elections. The following

Explain the implications international capital flows problem, Explain the i...

Explain the implications international capital flows problem. Implications: • FDI can assist physical capital accumulation and result within growth - usually beneficial b

Examine the costs and benefits - shared service model, Explain why Cae...

Explain why Caerphilly are considering this model of service provision Examine the costs and benefits of joining the shared service model. Your answer should cons

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?

Calculate the change in advanced package service, Advanced Package Service ...

Advanced Package Service (APS) offers overnight package delivery to business customers.  APS has recently decided to expand its facilities to better satisfy current and projected d

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