ECON 301 Midterm: ECON 300 IA State Test4Key
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However, there is enough revenue to cover all of the variable costs (i. e. marginal revenue > average variable costs). Part ii: circle the best answer: please classify each of the following management decisions as either strategic (s) or. S or t: below are several cost items that are commonly included in crop and livestock enterprise budgets. Please indicate if they would normally be considered fixed costs (fc) or. Part iii: the following information is required for questions 9 through 12. Half-credit is given for second choice, no penalty: what is the marginal input cost as the farm manager increases the nitrogen fertilizer level from 30 lbs/acre to 60 lbs/acre? (4 points) Part iv: the following information is required for questions 13 15. Price of hay = sh. 03/pound price of grain = sh. 06/pound. Put a square around your second choice if you want.