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Agec 311:Farm Management Question Paper

Agec 311:Farm Management

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2013

KENYA METHODIST UNIVERSITY

DEPARTMENT OF AGRICULTURE AND NATURAL RESOURCES

END OF SECOND TRIMESTER 2013 (DAY) EXAMINATION
COURSE CODE : AGEC 311
COURSE TITLE : FARM MANAGEMENT

TIME:2 HOURS

INSTRUCTIONS: ''''''Answer ALL Questions in Section A and ANY TWO Questions in Section B

SECTION A

Question One
a) With Agricultural examples explain the concept of production function.
(5marks)
b) With examples explain the difference between variable costs and fixed
costs. (5marks)
c) Discuss the stages in decision making process. (5marks)
d) Distinguish between competitive products and supplementary products.
(5marks)
e) Draw the production possibility curve of a developing nation and a
developed nation with two commodities. Commodity 1 being public
goods and commodity to being private goods. (5marks)
f) Distinguish between a partial and complete budget. (5marks)

SECTION B

Question Two
a) State the law of diminishing marginal returns. (4marks)
b) With diagrams explain the stages associated with this law. (12marks)
c) Discuss the assumption of this law. (4marks)

Question Three
a) Discuss the importance of keeping farm records. (10marks)
b) Explain the different types of farm records. (10marks)

Question Four
a) Outline the steps involved in gross margin planning technique.
(10marks)
b) Using a small scale farmers example explain the meaning of a partial budget. (10marks)

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