Minimum land required to attain specified income levels, Southeast Missouri Delta, 1975

"In economic theory, land, labor, capital and manage­ ment are considered scarce resources, and their optimal allocation among competing uses is the essence of the study of economics. An optimal allocation is one in which the marginal value product of the last units of all resources used is the same in all alternative uses to which society has designated the resources to be allocated, or for a specific resource the last unit applied in any one use will produce the same marginal value product as the last unit of that resource applied to any other use. All resources will then be receiving their opportunity cost at their highest and best economic use. This condition will theoretically result in the maximum economic product from the use of all resources and will, therefore, give the greatest possible net national product to our society. A basic assumption underlying this principle is perfect competition. The assumption of perfect competition in agriculture abstracts from the real world by assuming perfect knowledge, perfect mobility and no government intervention. Therefore, this principle cannot be attained In reality but can be used as a guide or norm to be approximated in constructing a study model."--Introduction.

Name thesis:degree_name

M.S.

Level thesis:degree_level

Masters

Discipline thesis:degree_discipline

Agricultural economics (MU)

Grantor dc:publisher

University of Missouri--Columbia

Year dc:date.issued

1966

Author dc:creator

• Kelly, Alfred B.

Statement dc:rights

• OpenAccess.

Language dc:language.iso

eng, English

DOI

https://doi.org/10.32469/10355/109499

OAI identifier oai:identifier

oai:mospace.umsystem.edu:10355/109499