quiz-5-key - 6_Reduced Cost is a type of dual activity in...

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March 9, 2010 Quiz 5 Name ___________________________ 1 point each. 1) If two enterprises are ____supplementary_______ the output of one can increase while the output of the other stays the same. 2) Typically, enterprises are ___competitive_____, meaning the output of one must decrease if the output of the other increases. 3) The _production possibilities curve____ shows the combinations of two or more outputs that can be produced with a given set of resources. 4) __Partial Budgeting______ is used to analyze the effect of one small change in a farm business. 5) _Shadow Price____________ is a type of dual activity in an LP that shows you how much profit would increase if you had one more unit of a limited resource.
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Unformatted text preview: 6) _Reduced Cost_______ is a type of dual activity in an LP that shows you how much profit would decrease if you produced one unit of an activity not currently in the solution. 7) __Enterprise Budget_______ lists all the returns and costs associated with producing a unit of a given enterprise. 8) __Linear Programming_____ is a mathematical technique that can be used to select the best combination of enterprises to produce on a farm, given the resources available. 9) _Whole farm budget___ projects the returns, costs, and expected net farm income from operations from following a particular farm plan. 10) __Marginal cost__ is the additional cost associated with producing one more unit of output....
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