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Production Economics Learning Goals. Single and Multiple Input Production Functionswhat are they and how to use them in production economics and farm managementEconomics to identify optimal input use and output combinationsApplication of basic production economics to farm managementThis will tak
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1. Single Input Production Economics for Farm Management AAE 320
Paul D. Mitchell
2. Production Economics Learning Goals Single and Multiple Input Production Functions
what are they and how to use them in production economics and farm management
Economics to identify optimal input use and output combinations
Application of basic production economics to farm management
This will take a few weeks
3. Production Definition: Using inputs to create goods and services having value to consumers or other producers
Production is what firms/farms do!
Using land, labor, time, chemicals, animals, etc. to grow crops, livestock, milk, eggs, etc.
Can further process: flour, cheese, ham
Services: dude ranch, bed and breakfast, orchard/pumpkin farm/hay rides, etc. selling the “fall country experience”
4. Production Function Production Function: gives the maximum amount of output(s) that can be produced for the given input(s)
Generally two types:
Tabular Form (Production Schedule)
Mathematical Function
5. Tabular Form
