An Economic Assessment of the Hog Plum Production as an Alternative to Other Agricultural Crops at Jhalokathi District in Bangladesh

The study aimed to assess hog plum production profitability compared to other crops at the Jhalokathi District in Bangladesh. A total of 150 farmers were selected using face-to-face interviews in the convenience sampling technique, and data were collected by face-to-face interviews using a semi-structured questionnaire. We have used econometric tools such as BCR analysis, ANOVA test, and Cobb-Douglas production form of the regression model and Likert scales to examine the research objective. The average production of hog plum was 22.289 tons/ha. The Benefit-Cost Ratio (BCR) results were found to be 1.81 and 2.04 on the total cost and variable cost basis, respectively. This meant that if the total costs and variable costs increased by BDT1, the benefit would rise by BDT1.81 and BDT2.04, respectively. Cobb-Douglas production function analysis showed that critical production factors like human labor, land preparation costs, fertilizer costs, and investment positively affected hog plum production, and they are statistically significant. The results also indicated that production activities had a strictly positive effect on farmers’ lives. The analysis of the Marginal Value of the Product (MVP) and the Marginal Cost of the Factor (MCF) proportion revealed that these inputs should be reduced to maximize the hog plum production. Likert scale analysis revealed that government funds were meager in this sector. So, concerned authorities should take appropriate steps to increase hog plum cultivation in this rural area