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ogf78 ogf78
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Short description: A graph plots fertilizer applied per acre of wheat against yield per acre in tonnes. Long description: The horizontal axis representing fertilizer applied per acre of wheat ranges from 0 to 80, in increments of 10. The vertical axis representing yield per acre in tonnes ranges from 0 to 6, in increments of 1. The graph shows a curve that passes through the following points: A (10, 2.5), B (30, 4.8), and C (60, 6.2). A vertical dashed line is drawn from the points to meet the horizontal axis. Note: all values are approximate.

FIGURE 2-4

Refer to Figure 2-4. Suppose we draw a straight line tangent to point B of the non-linear function. The straight line has a slope of 0.075. What information is conveyed to us by this measurement?



▸ Because point B is midway between point A and point C, the yield per acre is 0.075 tonnes of wheat when fertilizer applied is between 10 and 60 units per acre.

▸ At point B, the marginal response to the application of 0.075 units of fertilizer is between 4 and 5 tonnes per acre.

▸ At point B, if one additional unit of fertilizer is applied per acre, the marginal response is 0.075 tonnes of wheat per acre.

▸ At point B, when fertilizer is applied at a rate of 30 units per acre, the yield is 0.075 tonnes per acre.

▸ At point B, the marginal response to the application of 30 units of fertilizer per acre is 0.075 tonnes of wheat.
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Microeconomics

Microeconomics


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