VALUING DAIRY STOCK 



245 



Three cows have been selected whose annual butter fat 

 production is 200, 300 and 400 pounds respectively. The 

 receipts, expenditures and net profits from the three dif- 

 ferent producers, Cow I, Cow II and Cow III, are shown 

 as follows : 



EXPLANATION OF ABOVE FIGURES. 



Price of Butter Fat. Prevailing prices of butter and 

 cheese have been such as to yield farmers having their 



