Given a production function depicting the response of paddy rice to fertilizer application, Y = 3X+ 9X2 - X3 (i) Calculate the exact MPP and APP. (ii) At what level of fertilizer input(X) does MPP, APP and TPP reach their maximum values? (iii) At what lev
Q1 a) Given a production function depicting the response of paddy rice to
fertilizer application,
Y = 3X+ 9X2 - X3
(i) Calculate the exact MPP and APP.
(ii) At what level of fertilizer input(X) does MPP, APP and TPP reach
their maximum values?
(iii) At what level of fertilizer input will r = 0? And what is the value
of TPP at that level?
(iv) If the farmer increases the amount of fertilizer in his rice
production in his area of diminishing returns, explain whether or
not total production will increase or decrease.
b) Explain the economic significance of farm records.
Q2 a) What are the major objectives of agricultural marketing?
b) Explain how one can evaluate the
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