Ecn 201 - Study guides, Class notes & Summaries

This is a comprehensive and detailed note for principles of Microeconomics that makes emphasis on key concepts you need to know. *Essential Study Material!!

This is a comprehensive and detailed note on Model building and gains from Trade for ECN 201. *Essential Study Material!!

This is a comprehensive and detailed note on the market at work; Supply and Demand for ECN 201. *Essential Study Material!!

ECN201 comprehensive and detailed lecture notes for first two chapters (including vocab and key characteristics

Enterprise Budget correct answers Estimate of potential revenue, expenses and profit for a single enterprise. Each crop/type of livestock is an enterprise Can there be more than one budget for a given enterprise? correct answers Yes, they can be created for different levels of production or types of technology Why do enterprise budgets try to use common units? correct answers It permits an easy and fair comparison across different enterprises Do enterprise budgets need to be adjusted?...

Four Areas of Investigation For Farm Business Analysis correct answers Profitability, Farm Size, Financial, Efficiency Profitability correct answers Profitability is generally the first area of concern and is analyzed by comparing income and expenses. High net farm income is usually an important goal of the farm manager Farm Size correct answers Not having adequate resources is often a cause for low profits. Growing too rapidly or exceeding the size that the operator can manage effectively...

This is a comprehensive and detailed note on Chapter 6&7.

Total Product (TP) correct answers Level of output or yield received (produced) from the production process corresponding to the amount (number of units) of the variable input added. Average Product (AP) correct answers Amount of output produced by each individual unit of the variable input in the production process. How to calculate AP? correct answers TP/number of inputs Marginal Product (MP) correct answers The change in total product (output) from adding one more unit of input. H...

Enterprise Budget correct answers Estimate of potential revenue, expenses and profit for a single enterprise. Each crop/type of livestock is an enterprise Can there be more than one budget for a given enterprise? correct answers Yes, they can be created for different levels of production or types of technology Why do enterprise budgets try to use common units? correct answers It permits an easy and fair comparison across different enterprises Do enterprise budgets need to be adjusted?...

Four Areas of Investigation For Farm Business Analysis correct answers Profitability, Farm Size, Financial, Efficiency Profitability correct answers Profitability is generally the first area of concern and is analyzed by comparing income and expenses. High net farm income is usually an important goal of the farm manager Farm Size correct answers Not having adequate resources is often a cause for low profits. Growing too rapidly or exceeding the size that the operator can manage effectively...