College of Agricultural Sciences
Department of Agricultural Economics and Rural Sociology
Introduction to Agricultural Economics
Agricultural Economics 101
Spring Semester 2001
College
of Agricultural Sciences
Department
of Agricultural Economics and Rural Sociology
Introduction to Agricultural
Economics
Agricultural Economics 101
Spring Semester 2001
| I. | Introduction to Agricultural Economics (a) Demand (b) Supply (c) Partial Equilibrium Analysis (d) Perfect Competition: Implications for Market Equilibrium and Farm Prices |
| II. | Consumer Demand and Demand Elasticities (a) Consumer Utility (b) Derivation of Consumer Demand: Individual and Aggregate Demand (c) Factors Affecting the Demand for Agricultural Commodities (d) Elasticities for Agricultural Products |
| III. | Economics of Production (a) Production Function or Growth Curve (b) Marginal Physical Product (MPP)/Average Physical Product (APP) (c) Stages of Production (d) Maximizing Profit vs. Maximizing Output |
| IV. | Costs of Production, Profit Maximization, and Supply (a) Cost Curves of the Firm (b) Profit Maximization: Implications for Production (c) Derivation of Producer Supply: Firm and Aggregate Supply |
| V. | Resource Use in Agriculture (a) Allocation of One Variable Input (b) Allocation of Multiple Inputs |
| VI. | Introduction to Trade Theory and International Trade (a) Theory (b) GATT (c) NAFTA |
| VII. | U.S. Agricultural Policy (a) Policy Goals (b) Alternative Programs (c) 1996 FAIR Act (d) The Future |