Farm & Ranch Management Chapter 7
questions n answers
What is Production Function? - correct answer ✔✔a systematic way of showing how at different
amounts of inputs(resources) into the production of a product affect the output or final
product.
Give 2 example of a product and it's inputs and outputs? - correct answer ✔✔On your resource
of land you input seed, water, fertilizer and machinery and your output is a crop
On your resource of land you input a calf, water, feed, and healthcare and your output is a steer
ready for market.
In economics, we are more concerned with Marginal Physical Product than the most Yield. What
does Marginal mean? - correct answer ✔✔The extra or incremental gain you get from
increasing by 1 more unit of input. Additional benefit or loss you get from adding the extra
amount.
How are inputs measured? - correct answer ✔✔By defining an amount of a resource to equal 1
input level. Example 1 Unit of Input = 25lbs of nitrogen
What information do we need to find Production Function? - correct answer ✔✔We need to
have a defined input level, the amount of this product for this input, and we need to know the
yield or result.
How do you calculate the Total Physical Product? - correct answer ✔✔We take the yield value of
whatever level we are calculating and subtract the base yield where input of the resource is
zero.
questions n answers
What is Production Function? - correct answer ✔✔a systematic way of showing how at different
amounts of inputs(resources) into the production of a product affect the output or final
product.
Give 2 example of a product and it's inputs and outputs? - correct answer ✔✔On your resource
of land you input seed, water, fertilizer and machinery and your output is a crop
On your resource of land you input a calf, water, feed, and healthcare and your output is a steer
ready for market.
In economics, we are more concerned with Marginal Physical Product than the most Yield. What
does Marginal mean? - correct answer ✔✔The extra or incremental gain you get from
increasing by 1 more unit of input. Additional benefit or loss you get from adding the extra
amount.
How are inputs measured? - correct answer ✔✔By defining an amount of a resource to equal 1
input level. Example 1 Unit of Input = 25lbs of nitrogen
What information do we need to find Production Function? - correct answer ✔✔We need to
have a defined input level, the amount of this product for this input, and we need to know the
yield or result.
How do you calculate the Total Physical Product? - correct answer ✔✔We take the yield value of
whatever level we are calculating and subtract the base yield where input of the resource is
zero.
