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Elluminate10-06-11 - AEB6184Production Elluminate10...

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AEB 6184 Production  Economics – First Midterm Elluminate - 10
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Question 1 Thomas Hertel’s presidential address to the American  Agricultural Economics Association in 2010 examined the  “Perfect Storm” of agricultural production. Increasing incomes around the world has led to expanded demands  for agricultural output both because of the increased demand for  food and the change in the portfolio of foods demanded (more meats  requiring feed grains). At the same time governments have attempted to expand the  production of biofuels which at the current time is largely the product  of corn. These increased demands can be met either through  changes in the acres of agriculture (extensive margins) or the yield  per acre (intensive margins).
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Expansion of the acres used for agricultural production may imply 
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  • Spring '09
  • Staff
  • agricultural production, Economic Research Service, Agricultural Economics Association, Leontief production function, level corn yields, production functions. Moss

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