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
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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:
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Managerial Economics, Twelfth edition by Mark
Hirschey
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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 .
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* 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
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Review of Key Algebraic
Concepts/Calculus
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Demand, Supply and Elasticity Analysis
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Risk Analysis
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Regression (Estimation and Inference)
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Forecasting
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Optimization via the use of Calculus
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Linear Programming
Specific Expectations
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Understand demand and supply relationships
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Solve optimization problems (either calculus-based
or linear programming)
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Conduct regression analysis and interpret results
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Conduct tests of hypotheses within a regression
analysis
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Make projections or forecasts
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Understand decision-making under uncertainty
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Ability to communicate quantitative results to
decision-makers
Evaluation of Student Performance
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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
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Have a positive attitude!!!
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Come to lectures, class participation
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Review lecture notes
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Speak up in class if you are confused
or require clarification on concepts
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Work diligently on the class project
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Check material on my webpage
Can We Study in a Group?
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Yes!!! Studying in a group is encouraged.
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For the class project, work in a team of five to
six individuals.
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But...
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You take individual responsibility for
learning the material
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Make sure YOU can do the assignments
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The assignments are very similar to in-class
test questions