A feedlot beef cattle production function study with an economic analysis of corn-silage rations
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"The Problem and Objectives: The basic Impetus for this study is well summarized by Heady’s comment: Although economics deals quite largely with the maximization (profit, national product) or minimization (cost, resource outlay) of quantities Important in the value framework of individuals, communities, and nations, there is no manner in which these principles and logic can be put into application unless knowledge of production possibilities is available on the one hand, while knowledge of prices or the psychology of the individual as a consumer is available on the other hand. The idea contained in the statement above applies to the bundle of economic problems--micro and macro--that economists encounter. This research project is concerned with a microeconomic problem--the derivation of the production function for a technical unit and the subsequent economic analysis of the technical production function.3 To be specific, a knowledge of the relevant technical production function for feedlot beef cattle Is necessary before the principles of production economics can be fully utilized to determine the least-cost ration and the optimum weight at which feedlot cattle should be marketed. In view of these requirements, the primary objectives of this dissertation are: 1. To derive the production surface for feedlot beef steers fed various corn and corn-silage rations. 2. To complete an economic analysis which Includess a. Specification of economic optimum rations for various corn and corn-silage price ratios. b. Specification of economic optimum market weights for various factor-product price combinations, and c. Specification of economic optimum replacement strategy for feedlot cattle: 1) In the case of a farm feedlot where fixed costs of the feedlot operation are relatively unimportant, and 2) In the case of a commercial feedlot where fixed plant costs are important. A more fundamental purpose to be served by this dissertation is the provision of more factual data upon which the supply response of slaughter beef cattle can be based. Agricultural economists have suggested the need for a better factual understanding and knowledge of the supply response of individual agricultural commodities. Bishop and Toussaint suggest that a major reason for studying individual agricultural firms is to be able to predict the effect of technical and economic changes on the aggregate supply of commodities. A thorough study of individual agricultural firms eventually involves the scrutinizing of production functions of the individual crop and livestock enterprises of the firm. At the present time, individuals from various sectors of the nation are becoming more vocal concerning the relevance of various kinds of research. The author considered this beef cattle research relevant in deciding to pursue this area of study. Several reasons which led to the selection of this research project concerning the technical production function of beef cattle on corn and corn-silage rations reside in the following presentation."--Introduction.
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