How would an individual proposing to start a farm obtain estimates of yield, prices and cost needed in preparing a budget?
Answer Details
An individual proposing to start a farm would typically obtain estimates of yield, prices, and costs by consulting with agricultural officers or local farmers. Agricultural officers or local farmers can provide valuable information about the specific crops or livestock that the individual is planning to produce, as well as the prevailing market prices and expected yields. This information can help the individual prepare a budget and determine whether the farm is likely to be profitable. It is important to note that relying solely on past experience or trial and error may not be sufficient, as the success of a farm depends on many factors that may vary from year to year. Similarly, books written about overseas farms may not provide relevant information for the specific conditions and markets of the individual's local area.