Production Economics

3 cr · Graduate

Development of static microeconomic theories of the firm, functional forms, aggregation issues, productivity analysis, risk and uncertainty, and an introduction to dynamics. The following are emphasized; a rigorous treatment of the models using duality; a critical understanding of the limitations and possibilities for generalizing the models; and relevance of the models for empirical research, especially in agriculture. Also offered as ECON 7940 by the Department of Economics.