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An example of average physical product in agriculture is the yield, number of bushels of corn produced, per acre: 

The graph represents 

Refer to the above figure. Which point(s) represents the lowest level of utility

Agriculture has perfectly inelastic supply curves in the growing season due to:

If the percentage change in supply is 2% due to a price change is 5%, the supply elasticity is

Marginal Factor Cost is equal to

For a producer to be both efficient and effective, the producer must know

Please refer to the graph.  If the isocost line to the left is before input cost changes, which of the following is true

The key to achieving financial success and financial peace of mind is establishing and living within a zero-based budget 

Calculating, Assessing Financial Standing Ratios Calculate the financial standing ratios using the following information:   Total Assets                                                                 $ 1,500,000 Total Liabilities                                                            $ 1,200,000 Cash/Savings (included in total assets)                 $       16,000   Gross Income                                                               $     15,000 Income Taxes                                                               $        3,000 Living Expenses                                                          $         4,000 Debt Payments:     Home                                                                        $         7,500   ($1,000,000 loan)     Credit Card                                                              $            700    ($60,000 balance)     Car                                                                             $            800    ($75,000 loan) Total Debt Payments                                                  $        9,000   Monthly savings                                                          $          300  Budget                                                                          Not currently budgeting   Financial Ratio                               Your Answer      Calculation     Net Worth                                                                    Total assets minus total liabilities                                                                                         Guideline = positive net worth; evaluate size, debt, liquidity   Net Cash Flow (NCF)                                                   Gross Income minus taxes, living expenses, debt payments = NCF                                                                                           Guideline = positive net cash flow for allocation to prioritized goals   Liquidity Ratio                                      months            Cash/savings divided by monthly expenses and debt payments                                                                                            Guideline = 6 months coverage                     Mortgage Debt Service Ratio               %                    Housing payment divided by monthly gross income                                                                                             Guideline = no > 28% debt ratio   Debt Service Payment Ratio                %                      Monthly total debt payments divided by monthly gross income                                                                                              Guideline: no > 36% debt ratio   Savings Ratio                                          %                       Monthly savings divided by monthly gross income                                                                                              Guideline 15%  Which FSR’s need improvement:                                                        Yes        No Net Worth/Liquidity Net Cash Flow Liquidity Ratio Mortgage Ratio Total Debt Ratio Savings Ratio