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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

END OF 1ST TRIMESTER 2013 (SCHOOLBASED) EXAMINATION
FACULTY : EDUCATION AND SOCIAL SCIENCES
DEPARTMENT : EDUCATION
UNIT CODE : AGEC 311
UNIT TITLE : FARM MANAGEMENT AND ACCOUNTING
TIME : 2 HOURS

INSTRUCTIONS

Answer question one and any other two questions

Question One

Explain in details how farmers make decisions on the three key farm production questions.

(5 Marks)

Differentiate between a production and revenue function and state how the two can be illustrated.

(5 Marks)

Explain the law of diminishing returns and state its application in agriculture.

(5 Marks)

Explain what a balance sheet is and its various components.

(5 Marks)

State five factors that determine profitability of an enterprise.

(5 Marks)

Write short concise notes on;

(5 Marks)

Gross margin analysis
Net present value

Differentiate between enterprise budget and partial budget.

(5 Marks)

What is a cash book and when should it be prepared.

(5 Marks)

Question Two

Given Py1 = Ksh.4, Px1 = Ksh.5

Calculate total revenue (TR), value of Average Product (VAP), Value of Marginal product (VMP), total Cost (TC) and net revenue (NR) from the hypothetical illustration here below.

(5 Marks)

Identify the optimal level of production and state reasons for the same.

(5 marks)

Explain the meaning and important of marginality (VMP) in farm production.

(5 Marks)

Input(x1)Total Product (y1)
1 0
2 15
3 42
4 63
5 78
6 90
7 99
8 105
9 108
10 105

Question Three

Explain why it is important for an agribusiness farmer to keep farm records.

(8 marks)

Most of the small scale farmers are either semi subsistence or subsistence farmers. Explain how they can be changed to agribusiness/market oriented farmers.

(7 Marks)

Question Four
Examine the reasons for low labor productivity in agriculture and explain what farmers can do to increase the same. (15 marks)

Agec 311:Farm Management Question Paper

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