UNIVERSITY OF NIGERIA NSUKKA
FACULTY OF AGRICULTURE
DEPARTMENT OF AGRICULTURAL ECONOMICS 2011/2012 SESSION
AEC 301: BASIC FARM MANAGEMENT AND PRODUCTION ECONOMICS
ANSWER FIVE QUESTIONS IN ALL. ATTEMPT AT LEAST 2 QUESTIONS FROM
EACH SECTION
SECTION A
1 (a) Given the
following yield of maize at various Nitrogen levels:
|
Nitrogen Levels
|
Total Yield of Maize/Ha
|
|
1
|
4.9
|
|
2
|
13.2
|
|
3
|
24.3
|
|
4
|
37.6
|
|
5
|
52.5
|
|
6
|
68.4
|
|
7
|
84.7
|
|
8
|
100.8
|
|
9
|
116.1
|
|
10
|
130.0
|
|
11
|
141.9
|
|
12
|
151.2
|
|
13
|
157.3
|
|
14
|
159.6
|
|
15
|
157.5
|
|
16
|
150.4
|
i. Plot
the TPP, MPP and APP curves
ii. Distinguish
clearly the three stages of production
iii. At
what inp4ut level is MPP = APP?
iv. At
what input level is MPP = 0
v. At
what input level is TPP highest?
vi. Show
that MPP/APP = Ep, where Ep is the elasticity of
production
c) Show how Ep varies
in stages I, II and III of production
2a) Determine the
maximum cost combination of inputs X1 and X2 for an output level of 200 units
given the following table
UNIVERSITY OF NIGERIA NSUKKA
FACULTY OF AGRICULTURE
DEPARTMENT OF AGRICULTURAL ECONOMICS 2013/2014 SESSION
AEC 301: BASIC FARM MANAGEMENT AND PRODUCTION ECONOMICS
ANSWER FIVE QUESTIONS IN ALL. ATTEMPT AT LEAST 2 QUESTIONS FROM
EACH SECTION
SECTION A
1. Draw
the graph of the Isocost curve for the following equation: Xt = C/PX1 –
PX2/PX1X2 where X1 and X2 are two
variable inputs, C is the total amount to be spent on X1 and X2. PX1 and
PX2 are prices of X1 and X2 respectively.
Assume that C = 4,000, PX1 =
N100, PX2 = N200
(Hint: C/PX1 is the
intercept of the isocost line on the X1 axis, while PX2/PX1 is
the slope of the isocost line)
2. Give
that Y = 993.71 + 43.40P – 0.46P2 for Sudan Savannah,
Y = 1561.23 + 22.83P –
0.13P2 for northern guinea Savannah
Where Y is the yield of
Sorghum and P is Phosphorus fertilizer. Find the technical optimum fields and
the corresponding fertilizer level for the two zones.
3. Two
products Y1 and Y2 can be produced with a given set of inputs in the following
combinations:
Production Possibility
when using 120 units of inputs X = 120
|
Y2
|
Y1
|
|
0
|
60
|
|
26
|
60
|
|
46
|
52
|
|
62
|
42
|
|
74
|
30
|
|
82
|
16
|
|
86
|
0
|
a. Compute
marginal rate of product substitution of Y1 for Y2
b. Show
the production possibility curves for X = 120 and for X = 160
c. List
four types of enterprise relationship
SECTION B
4. What
is labour? State the five characteristics of labour
State and explain the
different classification of capital
Describe the different
types of agricultural land case and their different characteristics
Differentiate in detail
the balance sheet and income statement
No comments:
Post a Comment