1. Sorghum Production (Bushels)
EQ #7 – AGEC 105
(4 pts in total)
Capps – October 7, 2013 1.
Land
(Acres)
Fertilizer
(Tons)
Sorghum Production (Bushels)
MPP
APP 4 40 68 - ? 75
1.25
(1/2 pt) (a) The relationship among land, fertilizer and sorghum production is technically referred to as the _________________.
(1/2 pt) (b) Which input is the variable input?
(1/2 pt) (c) Which input is the fixed input?
(1/2 pt) (d) What is the APP of fertilizer when fertilizer use is 40 tons?
(1/2 pt) (e) When APP = 1.25, what is the level of fertilizer use?
(1/2 pt) (f) What is the MPP of fertilizer?
(1/2 pt) (g) To what stage of production does this situation correspond? Why?

2. EQ #7 – AGEC 105 Random Questions
(4 pts in total)
Capps – October 7, 2013
2. (1/2 pt) Which of the following is (are) a condition for perfect
competition?
(a) Few sellers
(b) Differentiated or non-homogeneous products
(c) Barriers to entry and exit
(d) None of the above
_____________________________________________________________
Random Questions
Counting the current government shutdown, historically how many
shutdowns have occurred in U.S. history?
Net income for the Sysco Corporation (Systems and Services Company)
in 2010 was $1.18 billion. Revenue in 2010 amounted to $37.24 billion.
What was the profit margin for the Sysco Corporation in 2010?