NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, NNAMDI AZIKIWE EXPRESS WAY,
PLOT 91, CADASTRAL ZONE, JABI ABUJA
FACULTY OF AGRICULTURAL SCIENCES,
DEPT. OF AGRICULTURAL ECONOMICS AND EXTENSION.
2020_2 EXAMINATION 1234
Programme: Agricultural Economics and Agribusiness
Course Title: Agricultural Production Economics
Course code: AEA 303
Credit Unit: 2
Time Allowed: 2 Hours
INSTRUCTION:
Answer Compulsory question 1 (25 marks) and any 3 other questions (15 marks each).
1. a. i} State six (6) uses of economics in agriculture. (10 marks)
ii) State two (2) major goals of production economics (2marks)
iii) What is agricultural economics? (3 marks)
b. State three (3) special features of linear function. (5 marks)
c. State the implicit production function of a product- product relationship (5 marks)
2. a. Explain the following?
i) Agricultural cost. (5marks)
ii) Cost of production. (4marks)
b. Itemize three relevance of cost to a farmer. (6marks)
3. Explain the meaning of the following concepts:
(i) Isoquants
(ii) Isocost line
(iii) Production possibility curve (15marks) 4. a What is the meaning of the following concepts ?
i. Isoquant (4 marks)
ii. Marginal Rate of Technical Substitution (4 marks)
iii. Elasticity of Input Substitution (4 marks)
iv. Isocost line (3 marks)
5 a. Determine the state of elasticity at the three stages of production. (10 marks)
b Explain product-product relationship (5marks)
6 Define the following:
i) Resources (3 marks)
ii) Fixed Resources (3 marks)
iii) Variable Resources (3 marks)
iv) Flow Resources (3 marks)
v) Stock Resources (3 marks
