An Economic Examination of Kentucky\u27s Potential for Alfalfa Production

In managing a farm successfully, a major decision faced by the farmer is the choice of enterprises and the level of production for each of the enterprises chosen. For each enterprise or combination of enterprises, an initial investment in land, buildings, and machinery is required. The enterprises chosen and the production levels of each enterprise must be sufficient to reward investments above their cost. Once the choice of enterprises is made and investment incurred, little flexibility exists in making changes among enterprises unless some investments are liquidated and new investments made