Description

Download AEA303 – Agricultural Production Economics (october-2019)

NATIONAL OPEN UNIVERSITY OF NIGERIA

University Village, Nnamdi Azikiwe Expressway, Plot 91, Cadastral Zone, Jabi, Abuja

FacultyofAgriculturalSciences,Dept.ofAgriculturalEconomicsandExtension,

PoP Examination Questions, November/December, 2019

Programme: Agricultural Economics and Agribusiness

Course Title: Agricultural Production Economics

Course code: AEA 303

Credit Unit: 2

Time Allowed: 2 Hours

INSTRUCTION: Answer Compulsory question 1 (25 marks) and any 3 other questions (15 marks each).

1 a (i) Explain the term production function with diagram (2 marks)

(ii) State the algebraic expression of production function. (2marks)

b State five (5) relationships between TPP and MPP (5 marks)

c Mention three (3) uses of economics in agriculture ( 3 marks )

d Explain the following resources used in Agricultural production.

i. Fixed resources (3 marks)

ii. Variable resources ( 3 marks)

iii. Flow resources (3 marks)

e. Explain two (2) importance of the law of diminishing returns in Agricultural production (4 mks)

2(a) Itemize five (5) areas of specialization in Agricultural economics. (5 marks)

(b) Describe five (5) characteristic features of Stage 1 of the production process (10 marks)

3 (a) Discuss the following Law of returns. 9 marks

i) Law of Increasing Returns ( 3marks)

ii) Law of Constant Returns ( 3marks)

iii) Law of Decreasing Returns ( 3marks)

b) Consider the production function of rice output as follows:

Y = 100 + 400X – 2X2

Where Y = rice output (kg) and X = fertilizer application (kg)

Calculate: (i) The level of input that will maximize rice output.

(ii) The optimum quantity of rice that could be produced. 6 marks

4) (a) State the meaning and application of Agricultural Economics (5 marks)

(b) Determine the state of elasticity of production at the three stages of production. (10 marks)

5) ( a) Explain the three (3) types of production:

(i) Primary Production (3 marks)

(ii) Secondary Production (3 marks)

(iii) Tertiary Production ( 3marks)

(b) Discuss three (3) usefulness of production function. (6 marks)

6 (a) Discuss any three (3) factors of production. ( 9 marks)

(b) Explain the Short run and Long run period in production. (6 marks)

REQUIRED DISCLAIMER

Teststreams is a global focused test-prep company. Information on our study packs are based on our in-depth research, feedback from previous test candidates and sometimes from official/privileged test resources made available by examination bodies and testing agencies.