COURSE DESCRIPTIONBackground to the course and stage setting in relation to changing circumstance related to resource use. Analysis of Production with one variable input. Production with more than one factor of production. Understanding Costs and underlying relations. Industry’s supply and factor demand. Optimum resource and enterprise combination.
. SPECIFIC COURSE OBJECTIVES The overall objective is to equip students with basic tools of allocating scarce resources to attain theoretically sound optimal output and income, with special emphasis on agricultural and agribusiness related problems and applications. The specific objectives · To provide students with an understanding of the production process from an economic point of view to ensure efficiency in resource use.· To understand how inputs and outputs are relate.· To provide students with a quantitative and analytical approach of understanding derivations of optimal resource and enterprise combinations.
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