Principles of agricultural economics / by Andrew Barkley and Paul W. Barkley
By: Barkley, Andrew.
Contributor(s): Barkley, Paul W.Publisher: Oxon, U.K. : Routledge, 2020Description: electronic resource.ISBN: 9780367248642.Subject(s): Farming | Economics | Primary industryOnline resources: Download as an eBook
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INTRODUCTION TO THE ECONOMICS OF AGRICULTURE: Economics is important and interesting! -- What is economics, and what is it about? -- Scarcity -- The economic organization of society -- A model of an economy -- Trends in the agricultural economy -- Using graphs -- Absolute and relative prices -- Examples of graphs. THE ECONOMICS OF PRODUCTION: The production function -- Length of time: immediate run, short run, and long run -- Physical production relationships -- The law of diminishing marginal returns -- The three stages of production. THE COSTS OF PRODUCTION: Profits -- Opportunity costs -- Costs and output -- Cost curve example: Vermont dairy farmer -- Where do cost curves come from? -- Constant, decreasing, and increasing cost curves. PROFIT MAXIMIZATION: Perfect competition -- The profit-maximizing level of input -- The profit-maximizing level of output -- Profit and losses, break-even, and shutdown points. OPTIMAL INPUT SELECTION: The relationship between inputs -- Isoquants -- Relative prices -- Isoquant types -- Optimal input decisions -- Optimal responses to price changes. OPTIMAL OUTPUT SELECTION: The production possibilities frontier (PPF) -- The marginal rate of product substitution (MRPS) -- The isorevenue line -- The optimal output combination -- Price changes and the optimal output combination -- Review of profit-maximization rules. CONSUMER CHOICES: Rational behavior -- Utility -- The law of diminishing marginal utlility -- Indifference curves -- The marginal rate of substitution -- The budget constraint -- Consumer equilibrium -- The demand for meat in Phoenix, Arizona. SUPPLY: Supply -- The elasticity of supply -- Change in supply; change in quantity supplied -- Determinants of supply. DEMAND: Demand -- The elasticity of demand -- Change in demand; change in quantity demanded -- Determinants of demand. MARKETS: What is a market? -- Market equilibrium -- Comparative statics -- Mathematical models (optional). GOVERNMENT POLICIES: Price policies -- Welfare economics -- Immigration -- Macroeconomics -- Food security, hunger, and global poverty -- Economic development -- Public goods -- Mathematical welfare economics of price policies. THE COMPETITIVE FIRM: Market structure -- Characteristics of perfect competition -- The perfectly competitive firm -- The efficiency of competitive industries -- Strategies for perfectly competitive firms. MARKET POWER: Market power -- Monopoly -- Monopolistic competition -- Oligopoly -- Is big necessarily bad? -- Game theory. AGRICULTURE AND THE GLOBAL ECONOMY: Globalization and agriculture -- Interdependence and gains from trade -- Gains from trade example: Oklahoma beef and wheat -- The principle of comparative advantage -- Comparative advantage and trade -- The motivation for and consequences of free trade -- Three-panel diagram of international trade -- Labor immigration into the US from Mexico -- Exchange rates and transportation costs. ECONOMICS, AGRICULTURE, AND THE ENVIRONMENT: The tragedy of the commons -- Externality -- Private bargaining: Coase. AGRIBUSINESS MANAGEMENT: The food supply chain -- Agribusiness management -- Agricultural and food marketing -- Agricultural finance.
Explains economic principles, issues and current events in the food, agricultural and agribusiness sectors. Looks into a wide variety of agricultural economic subjects including international trade, environmental economics, and natural resources. Offers insight into global hunger, biofuels, trade wars and climate change.