Course Title: Agricultural Production Economics Course code: AEA303 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) Give a concise definition of Agricultural economics ii) Explain the scope of Agricultural economics. iii) State six (6) uses of economics in Agriculture. b. State two (2) major goals of production economics. c. Highlight the meaning of Agricultural production economics.
2 a. What are the four (4) main goals of Agricultural production economics? b. What is the meaning of production? c. Explain the following types of production: i. Primary production ii. Secondary production iii. Tertiary production
3 a. Enumerate the following factors of production: i) Land ii) Capital iii) Labour iv) Entrepreneur b. Define: i) Resources; ii) Fixed Resources: iii) Variable Resources iv) Flow Resources: v) Stock Resources:
4 a. Define Productivity. b. List three (3) ways of expressing efficiency . c. List seven (7) characteristic features of agricultural production.
5. a. Define Production function. b. State the algebraic expression of production function c. Highlight the uses of production function as indicated by Olayide and Heady (1982)
6. a. State three (3) needs of production function data. b. State how to obtain data needed for production function c. Highlight three (3) usefulness of tabular presentation of production function