Exam 2 2006

Exam 2 2006 - AAE 320 Spring 2006 EXAM 2 Note that in 2006,...

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AAE 320 Spring 2006 EXAM 2 Note that in 2006, we covered slightly different material than in 2007. Thus, question 2 no longer applies and the material tested by question 1 here will be a more formally tested on the 2007 exam.
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1) (16 pts. total) Provide short answers to each of the following questions. a) (2 pts.) Describe two farm management lessons you learned in the lectures that Dr. Harris presented. b) (8 pts.) List and briefly describe the four common ways that families transfer farm assets from one generation to the next as discussed by Dr. Harris. c) (6 pts.) List and briefly describe three farm business arrangements discussed by Dr. Harris.
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2) (16 pts. total) Evaluate the following hog contracts. The company delivers all feed and feeder pigs, pays for all vet services, and takes hogs to market. You supply the building and all labor. The company offers a price of $50 for each hog you raise (i.e., $20/cwt). Your annual fixed cost for your current building is $200,000 and your variable cost is $30 per hog. a) (4 pts.) How many hogs do you need to raise for the company to break even? b) (4 pts.) How many hogs do you need to raise for the company to earn $50,000?
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This note was uploaded on 08/08/2008 for the course AAE 320 taught by Professor Mitchell during the Spring '08 term at Wisconsin.

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Exam 2 2006 - AAE 320 Spring 2006 EXAM 2 Note that in 2006,...

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