Question: A.9 Technology affects agricultural production by increasing yield over time. Let y = average wheat production (tonnes per hectare) for the period 1950-2000 ( =

A.9 Technology affects agricultural production by increasing yield over time. Let y = average wheat production (tonnes per hectare) for the period 1950-2000

( = 1 ,.... 51) in the Western Australia shire of Chapman Valley.

(a) Suppose production is defined by y, == 0.5 + 0.20 In(/). Plot this curve. Find the slope and elasticity at the point : = 49 [1998). State the economic interpretation of these values.

(b) Suppose production is defined by v, = 0.80 + 0.0004/4. Plot this curve. Find the slope and elasticity at the point / = 49 (1998). State the economic interpretation of these values.

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