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Agec 311:Farm Management Question Paper

Agec 311:Farm Management

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2012

KENYA METHODIST UNIVERSITY

END OF 2''ND ''TRIMESTER 2012 (DAY) EXAMINATIONS
FACULTY : SCIENCE AND TECHNOLOGY
DEPARTMENT : AGRICULTURE
UNIT CODE : AGEC 311
UNIT TITLE : FARM MANAGEMENT AND ACCOUNTING
TIME : 2 HOURS

Instruction:

Answer question one and any other two questions.

Question One

Define farm management and state the three production questions. (5mks)

Outline the decision making process in farm management.

(5mks)

Briefly explain farmer’s approaches to economic decision making. (5mks)

Define a production function and state three ways in which it can be illustrated.

(5mks)

Define equimanginal returns principle and explain its usefulness in agriculture.

(5mks)

Outline the importance of farm records in agribusiness.

(5mks)

Write short concise notes on gross margin analysis as a technique of farm planning.

(5mks)

Explain the following
Partial budgets

Net present value

(5mks)

Question Two
Explain the factors that determine the profitability of agricultural enterprises. (15mks)

Question Three
Discuss the risks and uncertainties faced by the farmers and explain the measures farmers take to mitigate them. (15mks)

Question Four

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 fifteen (15) units of X. the input prices of each enterprise are A=2, B=1, C=2, and input cost is 7.
Enterprise A
X Y
0 0
1 10
2 18
3 24
4 29
5 33
6 36

Enterprise B
X Y
0 0
1 18
2 31
3 42
4 51
5 58
6 64

Enterprise C
X Y
0 0
1 7
2 13
3 18
4 22
5 25
6 27

(15mks)

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