Agricultural Production Economics (A, H)

3 credits · Undergraduate

This course is designed as a first class in Agricultural Production economics. Topics will include: The production function, total, average and marginal products. Stages of production. Isoquants and factor substitution. Homothetic functions, homogeneous functions and returns to scale. Elasticity of substitution. Profit maximization and profit functions, factor demands, output supply and their properties. Cost minimization and cost functions, conditional factor demands, marginal cost function and their properties. Interrelated properties of production functions, profit functions, costs functions using illustrative functional forms. Multiple outputs, production possibilities frontier and economies of scope. All topics will specialize the discussion to agricultural production functions and agricultural factors of production. PREREQUISITES: ECOA 2000, MTHA 1000 EXCLUSIONS: ECOA 3000 FORMATS: Lecture | Lab