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Agribusiness Management
AG BM 101

Name_________________________________ Student ID No. _________________________ Agribusiness Management 101 Homework #1 Max 50 Points (SHOW ALL WORK) Suppose you managed a grow-finish swine farm. According to your contract with the processor, you receive most of your inputs, such as live piglets and feed, directly from the processor. Your main task is to take care of the hogs using your own labor plus hired labor. From past experience, you have found that you can produce pounds of live hogs (your output) according to the production schedule below. (1) Fillin the values for Average Physical Product (APP) and Marginal Physical Product (MPP). (Note: If necessary, please round off your answers to two decimal places. E.g., 8.25) X Y Input Output APP MPP (hours of labor) (pounds of hogs) 0 0 n/a 61.25 8 490 61.25 76.25 16 1,100 68.75 83.75 24 1,770 73.75 68.75 32 2,320 72.50 53.75 40 2,750 68.75 46.25 48 3,120 65.00 38.75 56 3,430 61.25 27.50 64 3,650 57.03 -5.00 72 3,610 50.14 -21.25 80 3,440 43.00 Page 1 of 3 (2) Complete the following two graphs: (1) the top graph for total physical product (TPP) where output (Y) is graphed against input (
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