ECONOMIC ANALYSIS
 By R. E. L. Greene

 Income and expenses were calculated for each program. The
experimental data were supplemented with data from other
studies to show the approximate income and expenses for various
programs on a commercial operation if the experimental prac-
tices were used and similar weaning percentages, culling rates,
and calf and culled cow weights were obtained.

 Investment Per Acre in Pasture
 In the experiment, the level of practices followed annually
appeared sufficient to maintain or improve the pastures. There-
fore, in calculating annual average expenses, the costs of estab-
lishing the pastures were not depreciated over a stated number
of years. An annual interest charge was made based on the
needed capital investment per acre to establish the pastures in
the three programs. The cost of establishing clover-grass pasture
was estimated to be $128 per acre. A value of $120 per acre was
added to the established costs to cover the value of land, fencing,
watering equipment, corrals and scales. Thus, the total invest-
ment for clover-grass was $248 per acre. A value of $120 per
acre was used as the needed investment in a well and facilities
to irrigate the pastures in Program 3, which were irrigated by
means of seepage irrigation.

 Items of Input
 Acres of pasture per cow.-The number of cows assigned to
each program varied slightly from year to year. The average
number of cows over the experimental period was used in cal-
culating acres of pasture per cow. As indicated in Table 11, the
average acres of pasture per cow was 1.35 in Program 1, 1.43
in Program 2, and 1.25 in Program 3.
 Fertilizer and lime.-All non-irrigated pastures received an
annual application of 300 pounds per acre of a 0-10-20 fertilizer
and irrigated pastures 500 pounds. Lime was applied to pastures
in each program every three years at the rate of a ton per acre
with the kind of lime alternated between high calcic and dolomite
limestone.
 Supplemental feeds and minerals.-A record was kept of the
 kinds and amounts of supplemental feeds and minerals fed to