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Table 3 Description of \( TVC \), \( TR \) and \( FC \) for smallholder soybean production

From: Are non-market benefits of soybean production significant? An extended economic analysis of smallholder soybean farming in Upper West region of northern Ghana

Items Description Calculations
Total revenue Quantity of grains sold in kg Quantity multiplied by selling price per kg at the farm gate
Variable costs Operation cost items such as seed, ploughing, labor, agrochemicals, fertilizer, and inoculants incurred to produce soybean grains Quantities of items or services rendered multiple by unit price
Gross margin Total revenue − ∑variable costs
Fixed costs Capital expenditure items such as cost of land, hoe, cutlass, knapsack sprayer Depreciation of items determined over lifespan of each items
Net gross margin Gross margin − ∑(variable and fixed costs)