FirstMidterm-2011 - AEB 6184 Production Economics Midterm...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
AEB 6184 Production Economics Midterm 2011 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). Expansion of the acres used for agricultural production may imply additional conflicts with the growing demand for land for ecological purposes (i.e., reserves for maintaining biodiversity). A critical number in this debate is the elasticity of substitution of land for other inputs used in production. Estimate the elasticity of substitution between Nitrogen,
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/08/2011 for the course AEB 6184 taught by Professor Staff during the Spring '09 term at University of Florida.

Page1 / 2

FirstMidterm-2011 - AEB 6184 Production Economics Midterm...

This preview shows document pages 1 - 2. Sign up to view the full document.

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