ADVANCED AGRICULTURAL PRODUCTION ECONOMICS

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Course Code: 
AEC 7203
Course Credit Units: 
3
Semester: 
Semester 1
Year of Study: 
Year 1
Undergraduate or Graduate Level: 
Graduate Level
Course Discipline: 
Course Description & Objectives: 

Review/overview of Theory of the Firm; Technology, Production sets and input requirement sets; Cost, Profit, and Supply Functions of the Firm; Cost Minimization and Profit Maximization in the Two-Input Case; Returns to Size and Returns to Scale; Technical Efficiency and Technology Adoption; Using the Profit Function to Estimate Supply and Factor Demand; Linear Programming (LP) and the Theory of Production; Risk and Uncertainty in Production; Household Production Model of Smallholder Agriculture.                                                                                                                                                                                                                                                            Objectives:

  • To enhance students’ understanding of production economics theory and its applications
  • To expose students to the practical applications of production theory to agricultural problems, rural development and environment;
  • To enable students understand the challenges and opportunities of achieving agricultural productivity growth in Africa, and
  • To facilitate students to apply production economics theory and methods in agricultural research and management

 

Learning Outcomes: 

Students in this course are expected to have knowledge and skills in the following topics and acquire the following competencies:

  • Differentiate between technological, allocative and economic efficiency and applications;
  • Understand and apply production and cost functions and implications for profit maximization in the short and long run;
  • Analyze market structure and implications for profit maximization;
  • Apply production theory to practical problems such as agricultural supply response; and
  • Understand and apply the household production model.
AGRICULTURAL PRODUCTION ECONOMICS
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