AGEC 317 - Texas A&M University
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Transcript AGEC 317 - Texas A&M University
AGEC 317
Economic Analysis for
Agribusiness and
Management
About Your Instructor
Dr. Yu Yvette Zhang
Office:
340 AGLS
Phone:
979-845-2136
E-mail:
[email protected]
Office hours: MWF 3 to 4:30 p.m.
or by appointment
About Your Instructor, (con’t)
Ph.D., Economics, Texas A&M University, 2010
Ph.D., Biology, Duke University, 2004
B.S., Biology, Peking University, 1998
Research areas: Applied Microeconomics, Experimental
Economics, Industrial Organization, Applied Econometrics,
Ecology
Webpage: http://agecon2.tamu.edu/people/faculty/zhang-yvette
Course Website:
http://agecon2.tamu.edu/people/faculty/zhang-yvette/AGEC317.htm
Or
eLearning
TA
TA: Christopher Rutland
Office: TBD
Phone: 979-777-5846
Office Hours:
from 8:30-10:30 am
E-mail: [email protected]
Prerequisites for AGEC 317
AGEC 217 (Fundamental Agricultural
economic analysis)
MATH 142 (Business Mathematics) II
or equivalent
STAT 303 (Statistical Methods) or
equivalent
ECON 323 (Microeconomic theory) or
equivalent
Textbooks:
Managerial Economics, Twelfth edition by Mark
Hirschey
Introductory Econometrics: A Modern Approach,
4e, Jeffery Wooldridge, 2008. (Recommended)
AGEC 317
Goals:
Better understand managerial and economic
issues in agribusiness management
Agribusiness is the “sum of all operations involved in
the manufacturing and distribution of farm
supplies, production on the farm, and the storage,
processing, and distribution of farm commodities
and items made from them.” Davis & Goldberg,
1957, A Concept of Agribusiness .
* Production (farms, ranches, etc.)
* Input (seed, chemicals, credit, etc.)
* Processing (milk, grain, meat, etc.)
* Manufacturing (ice cream, cereals, etc.)
* Transporters, sellers, etc. (restaurants, supermarkets)
Provide exposure in using formal quantitative
analysis to solve economic problems
Review of Key Algebraic
Concepts/Calculus
Demand, Supply and Elasticity Analysis
Risk Analysis
Regression (Estimation and Inference)
Forecasting
Optimization via the use of Calculus
Linear Programming
Specific Expectations
Understand demand and supply relationships
Solve optimization problems (either calculus-based
or linear programming)
Conduct regression analysis and interpret results
Conduct tests of hypotheses within a regression
analysis
Make projections or forecasts
Understand decision-making under uncertainty
Ability to communicate quantitative results to
decision-makers
Evaluation of Student Performance
Bonus Questions (In class, open book/notes): 5 %
Homework Assignments: 12%
Class Project (5 students/group): 15%
Exam 1: 35 %
Exam 2: 35 %
Final Exam (Cumulative) Optional
Total 103%
Point Total Letter Grade
≥ 90 A
80 – 89 B
70 – 79 C
60-69 D
<60 F
Important Dates:
Exam 1: Oct 12, 2011
Class Project Due: Nov 21, 2011
Exam 2: Dec 2, 2011
Final Exam (Optional): Dec 13, Tuesday,
10:30am -12:30pm
Steps Toward Success
Have a positive attitude!!!
Come to lectures, class participation
Review lecture notes
Speak up in class if you are confused
or require clarification on concepts
Work diligently on the class project
Check material on my webpage
Can We Study in a Group?
Yes!!! Studying in a group is encouraged.
For the class project, work in a team of five to
six individuals.
But...
You take individual responsibility for
learning the material
Make sure YOU can do the assignments
The assignments are very similar to in-class
test questions