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Introduction to farm management
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Introduction
Different definition of farm management
What makes a successful farm manager?
Farm manager and farm entrepreneur
Characteristics /Nature of farm management
Scope of farm management
Importance of farm management
Farm management in relation to other science, farm management and farming systems
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Introduction
Farm Management
Production economics and production relationships
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Production function
Factor-product relationship ( Input-output relationship)
Types of factor- product relationship /Laws of Returns
Three regions of production function
Terminology in production function
Relationship between Total, Average and Marginal products
Elasticity of Production
Factor-Factor Relationship (Input-Input)
Terminology used in Factor-Factor relationship
Characteristics of an isoquant
Types of isoquants
Characteristics of Isocost line
Types of factor-factor relationship
Least cost combination
Product- Product Relationships
Basic Product Relationships
Different types of product substitution with economic decisions regarding the production of output of each type of production.
Terminologies
Production Transformation Curve (PTC)
Iso-revenue line or Price line
Expansion path in product–product analysis
Determination of Optimum Product Combination
Graphic presentation
Principles involved in farm management decisions
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Introduction
Types of decisions
Principles Involved in Farm Management Decisions
Limitations of the Principles involved in Farm Management
Farm planning
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Introduction
Type of farm plans
Steps in Farm Planning
Farm budgeting
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Introduction
Types of Farm Budgeting
Steps in Farm Planning and Budgeting
Differences between Complete and partial budgeting
Farm records, accounts, and their types
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Introduction
Record Keeping System
Types of Farm Records
Farm inventory
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Introduction
Process of taking farm inventory
Methods of Valuation
Depreciation
Measuring financial conditions and farm profits
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Income Statement
Cash flow statement
Balance Sheet
Assests
Liabilities
Farm prices and production efficiency
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Introduction
Classification of farm efficiency measures
Measures of farm income and profit efficiency
Factors affecting farm cost and incomes
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Introduction
Factors affecting farm cost and incomes
Introduction to linear programming
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Introduction
Application of Linear Programming
Risk and uncertainty management
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Introduction
Types of Risk and Uncertainty
Component (types) of Risk
Methods of reducing risk and uncertainty
Difference between risk and uncertainty
Master Farm Management, Production Economics and Planning – Notes, Case Studies & Practical Insights – with Rahul

Determination of Optimum Product Combination

  • Here, the choice of products should depend upon the marginal rate of product substitution and the price ratio.
  • In principle, the maximum revenue from two products using given amounts of resources will be where the production possibility curve and iso-revenue line have the same slope.
  • The other method to find out optimum level of two products is to calculate net revenue from many combinations and locate the line which promises the highest returns.
  • Calculation of total returns from each combination of products and selecting the maximum revenue combination this way is feasible only for a small number of combinations.

C.S. Azad University of Agriculture & Technology, Kanpur

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