1.Explain the economic problem in farm management. 2.Discuss the distinguishing features of farming as a business. 3.Financing...
Question:
1.Explain the economic problem in farm management.
2.Discuss the distinguishing features of farming as a business.
3.Financing of farming is more risky as compared to other industries.
4.Explain the sources of finance in farm business.
5.What does it mean by finding the optimum combination of two inputs from the various combinations producing a fixed level of output? EXPLAIN.
6.The following table shows a relationship between the owner of Jim's farm and the tenant who works on the farm and has equal share. Fill in the space by calculating:
a.Marginal cost of fertilizer
b.Marginal revenue, and
c.tenants share of marginal revenue
d.Briefly what's your analysis of the data
Bags of fertilizer (50kg) | Bags of Corn produced (90kg) |
0 | 120 |
10 | 152 |
15 | 180 |
20 | 200 |
25 | 212 |
30 | 216 |
35 | 216 |
Cost management a strategic approach
ISBN: 978-0073526942
5th edition
Authors: Edward J. Blocher, David E. Stout, Gary Cokins