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Agec 111: Introduction To Agricultural Economics Question Paper

Agec 111: Introduction To Agricultural Economics

Course:Bachelor Of Science In Agricultural Economics

Institution: Chuka University question papers

Exam Year:2013

CHUKA

UNIVERSITY

UNIVERSITY EXAMINATIONS

FIRST YEAR EXAMINATION FOR THE AWARD OF DEGREE OF
BACHELOR OF SCIENCE (AGRICULTURAL ECONOMICS)

AGEC 111: INTRODUCTION TO AGRICULTURAL ECONOMICS

STREAMS: B.SC (AGEC) TIME: 2 HOURS

DAY/DATE: MONDAY 6/8/2013 11.30 A.M. – 1.30 P.M.
INSTRUCTIONS:

ANSWER QUESTION ONE & ANY OTHER TWO QUESTIONS.

QUESTION ONE:

(a) Define and explain the following concepts:

(i) Agricultural economics [3 marks]
(ii) Production [3 marks]
(iii) Production function [3 marks]

(b) Explain the major objective of production in agriculture. [4 marks]

(c) Distinguish between the following concepts:

(i) Long run production function and short run production function [4 marks]

(ii) Marginal rate of technical substitution and Marginal rate of transformation [4 marks]

(iii) Isoquant and production possibility frontier [5 marks]

QUESTION TWO:

(a) Discuss the four factors of production. [10 marks]
(b) Explain the major constraints to agricultural development in Kenya. [10 marks]
QUESTION THREE:

(a) With the aid of diagrams explain the stages of the law of variable proportions.
[12 marks]
(b) Explain the causes of initial increasing marginal returns to a factor. [8 marks]

QUESTION FOUR:

Given the following information

Input X Output Y
0 0
10 54
22 125
35 193
43 228
50 250
60 264
71 249
80 208

(i) Calculate the Marginal product [4 marks]
(ii) Calculate the Average product [4 marks]
(iii) Clearly show the boundaries of each stage of production [4 marks]
(iv) Which is the rational stage of operation and why? [4 marks]
(v) Distinguish between Iso-Revenue and Iso-Cost lines [4 marks]

QUESTION FIVE:

(a) Explain the ways in which inputs combine in production. (Use diagrams) [10 marks]

(b) Explain the least cost combination principle of inputs. [10 marks]

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Agec 111: Introduction To Agricultural Economics Question Paper

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