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Agricultural Economics: Production & Wheat Market

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Added on  2020-07-22

Agricultural Economics: Production & Wheat Market

   Added on 2020-07-22

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Agricultural Economics
Agricultural Economics: Production & Wheat Market_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Production function performance................................................................................................1Spatial, temporal and form dimensions of wheat market in Australia........................................4CONCLUSION................................................................................................................................9
Agricultural Economics: Production & Wheat Market_2
INTRODUCTIONAgricultural economics deals with applied science where, technical knowledge andproductive resources like capital, land and labour are used by the humans for the purpose ofproduction of food and fibre along with the distribution of the production to the society.Economics is the study of the factors that affect the choices of the public under various situationslike scarcity. In this report, study of economics is applied to the agricultural product. The productselected for the purpose of study is “wheat” because Australia is the main produces of wheat andcanola. The production of Australia grain can be divided on the basis of winter and summer.Wheat is a main product of winter. The study explains the production function performance thatdefines the relationship between inputs and outputs of agriculture. A clear interpretation isprovided with the example change in input and output in wheat. The present report includes thestages of production and consumption of wheat with the determinants of price. Various grades ofwheat has also been discussed.Production function performanceProduction function establishes relationship between inputs and outputs of agriculture.Production function assumption is one of the main component of neoclassical theories. Thistheory is used to define the marginal product (Harris and Harris, 2016). The main purpose of thisfunction is to address the efficiency of input to the resulting outcomes. The actual productioncurve will increase with the change in inputs, but eventually after reaching a point the slope ofcurve will start declining. this describe the law of marginal returns. In this experiments are madeby making variations in inputs and the results are observed. Examples of inputs could be:Application of level of fertilizers to the paddocks and then observing the level ofproduction.Increasing the intake of feed and observing the weight of grains.Increasing the area of paddock.Changing in sowing techniques may affect the production level of wheat.Implication of policies.Climate change and weather conditions will also have significant impact to the level ofoutput.Quality of seeds can affect the quality of grains.1
Agricultural Economics: Production & Wheat Market_3
Production function approach helps in identifying the optimum combination of inputs andoutputs from the perspective of technical science.Likewise, area of sowing the wheat can also affect the volume of production which willultimately affect the revenue generation.2
Agricultural Economics: Production & Wheat Market_4

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