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Agec 311:Farm Management Question Paper

Agec 311:Farm Management

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2011

KENYA METHODIST UNIVERSITY

END OF 3''RD ''TRIMESTER 2011 EXAMINATIONS
FACULTY : SCIENCE AND TECHNOLOGY
DEPARTMENT : AGRICULTURE AND NATURAL RESOURCES
UNIT CODE : AGEC 311
UNIT TITLE : FARM MANAGEMENT
TIME : 2 HOURS

Instructions:

Answer question ONE (Compulsory) and any other TWO questions.

Question One.

Explain the farm management decision making process.

(5mks)

Explain the three stages of classical production.

(5mks)

Explain the equimarginal returns principle and state it usefulness. (5mks)

Outline the importance of keeping farm records in a small scale farming enterprise.

(5mks)

Define financial records and list six such records kept by farmers. 5mks)
Write short concise notes on the following
Gross Margin analysis

Partial budgeting

(5mks)

Explain the difference between technical and economic efficiency. (5mks)

Outline five methods used to value farm assets

(5mks)

Question Two

Given the following three enterprises and their respective production functions, with respect to input X, determine the optimal allocation of the input among the enterprises if you have only 15 units of X the unit prices of each enterprise are A= 3, B= 2, C= 3 and input cost is 7.

Enterprise A Enterprise B Enterprise C
X Y X Y X Y
0 0 0 0 0 0
1 10 1 16 1 7
2 20 2 29 2 13
3 28 3 40 3 18
4 34 4 49 4 22
5 38 5 56 5 25
6 40 6 60 6 27
(12mks)

ii) What economic principle did you use to make your decision? (3mks)

Question Three.
Assume you have been appointed manager of "KeMU KITHOKA" farm which is experiencing low labour productivity. Explain measures you would take to increase labour productivity. (15mks)

Agec 311:Farm Management Question Paper

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