Abstract
Agricultural economics is the application of economic and financial management principles relating to the economic, social and environmental performances of agricultural businesses. This extends beyond the farm gate to include a broader range of food- and fibre-related activities contributing significantly to the nation's output. Students will be introduced to the … For more content click the Read More button below.
Syllabus
This subject will cover the following topics:
Market and Price Analysis - Introduction to Australian agriculture; consumer demand and elasticity; profit maximisation and supply; market equilibrium; imperfect competition; andProduction and Cost Analysis - Production and optimal input selection; optimal combinations of inputs and outputs; costs of production; enterprise performance and … For more content click the Read More button below.
Assessment items
1. Topic Quizzes
2. Market and Price Analysis
3. Production and Cost Analysis
4. Final Exam
Learning outcomes
Upon successful completion of this subject, students should:
1.
describe the forces of supply and demand and explain how they determine price in the market;
2.
identify core principles of microeconomics, especially relating to agricultural production, cost analysis and prices, and apply these principles to selected farm management problems;
3.
describe various agricultural industries and the characteristics of their market structures;
4.
interpret and apply basic algebra and graphical representation to present economic concepts; and
5.
explain the relevance of private and social costs in agricultural production and market failure.