(a) A farmer purchased a tractor in the year 2000 for D 12, 000.00. In 2009, the tractor was
sold for D 3,000.00 as it was no longer economical to keep. Calculate the:
(i) useful life of the tractor;
(ii) salvage value of the tractor;
(iii) total depreciation of the tractor;
(iv) annual depreciation of the tractor.
(b) Describe the following terms as used in agricultural economics:
(i) demand schedule;
(ii) supply curve.
(c) List four agricultural extension agencies in West Africa.
(d) State four ways through which soils are enriched with nitrogen.
Explanation
(a) Calculations on the tractor
(i) Useful life of the tractor: 2009 – 2000 = 9 years
(ii) Salvage value of the tractor - D3, 000.00
(iii) Total depreciation of the tractor
Total depreciation = Cost price of tractor - Salvage value of tractor
= D12,000.00 - D3,000.00 = D9,000.00
(b) Description of terms
(i) Demand schedule
This is a table showing the relationship between the price of a commodity and the quantity of the commodity demanded.
(ii) Supply curve
This is a graph showing the relationship between the price of a commodity and the
quantity of the commodity supplied.
(c) Agricultural extension agencies in West Africa
- Agricultural Development Programme (ADP)
- Farm settlement scheme
- Agro-service centres
- Research institutes
- Universities of agriculture
- Colleges/schools/faculties of agriculture
- Ministries of agriculture
- Non-Governmental Organizations (NGOs)
- Cooperative societies
- Marketing boards
(d) Ways through which soils are enriched with nitrogen
- Symbiotic nitrogen fixation/planting of legumes
- Non-symbiotic nitrogen fixation
- Electrical discharge/lightning
- Ammonification/decomposition of organic matter
- Nitrification
- Application of organic manure
- Application of inorganic fertilizers
(b) Description of terms
(i) Demand schedule
This is a table showing the relationship between the price of a commodity and the quantity of the commodity demanded.
(ii) Supply curve
This is a graph showing the relationship between the price of a commodity and the quantity of the commodity supplied.
(c) Agricultural extension agencies in West Africa
- Agricultural Development Programme (ADP)
- Farm settlement scheme
- Agro-service centres
- Research institutes
- Universities of agriculture
- Colleges/schools/faculties of agriculture
- Ministries of agriculture
- Non-Governmental Organizations (NGOs)
- Cooperative societies
- Marketing boards
(d) Ways through which soils are enriched with nitrogen
- Symbiotic nitrogen fixation/planting of legumes
- Non-symbiotic nitrogen fixation
- Electrical discharge/lightning
- Ammonification/decomposition of organic matter
- Nitrification
- Application of organic manure
- Application of inorganic fertilizers