Exam 1 - AAE 320 Spring 2006 EXAM 1 NAME: _ DO NOT TURN THE...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
AAE 320 Spring 2006 EXAM 1 NAME: __________________________________ DO NOT TURN THE PAGE UNTIL INSTRUCTED TO DO SO.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1) (10 pts.) True or False? Mark your answer. a) T___ F___ Dairy generates over half of Wisconsin farm cash receipts. b) T___ F___ Wisconsin farmers produce over half of U.S. cranberries. c) T___ F___ Wisconsin’s processing vegetable industry (snap beans, sweet corn, peas, potatoes) is very small by Midwestern standards. d) T___ F___ Opportunity Cost is the cost of switching production practices to take advantage of a new opportunity. e) T___ F___ In Strategic Management, a mission and goal are the same thing. 2) (15 pts.) You manage a vegetable farm and hire laborers. The table below reports how many carrot bunches are dug, cleaned, and ready for sale in an hour with different numbers of laborers. Laborers Hired Carrot Bunches Marginal Product Value of Marginal Product 3 55 -- -- 4 70 5 80 a) Using this table, show how to calculate the Marginal Product for one example, and then fill in the Marginal Product column in the table above. b)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/08/2008 for the course AAE 320 taught by Professor Mitchell during the Spring '08 term at Wisconsin.

Page1 / 6

Exam 1 - AAE 320 Spring 2006 EXAM 1 NAME: _ DO NOT TURN THE...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online