Agec 0112: Introduction To Agricultural Economics Question Paper

Agec 0112: Introduction To Agricultural Economics

Course:Diploma In Animal Health

Institution: Chuka University question papers

Exam Year:2012

CHUKA UNIVERSITY
COLLEGE
UNIVERSITY EXAMINATIONS
FIRST YEAR EXAMINATION FOR THE AWARD OF
DIPLOMA IN ANIMAL HEALTH
AGEC 0112: INTRODUCTION TO AGRICULTURAL ECONOMICS
STREAM: DIP ANHE Y1S2 TIME: 2 HOURS
DAY/DATE: TUESDAY 6/4/2010 8.30A.M.-10.30A.M.
INSTRUCTIONS:
Answer ALL questions.
1. (i) What do you understand by the term production function. [2 marks]
(ii) Given the following expression that shows how total output Q varies
with labour output L in man hours;
Q = 20L + 24L
2
– 2L
3
(a) Compute the Average product (AP) if only 4 man hours are
available. [2 marks]
(b) Compute the Marginal product (MP) if only 4 man hours are
available. [2 marks]
(c) Compute the Elasticity of production (
? ?
) at 1 man hour
[2 marks]
(d) What level of labour use depicts the end of stage 1 and stage
2 of a production function. [6 marks]
(iii) By use of an illustration, show the use of a production function in
technology. [6 marks]
2. Discuss the role of agriculture in economic development. [20 marks]
3. (i) Discuss price floors and price ceiling as methods of government
interference with the equilibrium. [15 marks]
(ii) Distinguish between isoquants and production possibility curve.
[5 marks]
4. (i) What is equilibrium? [3 marks]
(ii) Discuss the problems associated with equilibrium. [7 marks]
5. The marketing of agricultural products is different from the marketing of
manufactured goods. Discuss this statement showing the implications
of these differences. [15 marks]
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