AGEC 317.ppt

AGEC 317 Economic Analysis for Agribusiness and Management About Your Instructor Dr. Yu Yvette Zhang Office: 340 AGLS Phone: 979-845-2136 E-mail: yzhang@ Office hours: MWF 3 to 4:30 p.m. or by appointment About Your Instructor, (con’t) Ph.D., Economics, Texas AM 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: /people/faculty/zhang-yvette Course Website: /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: CTRutland@ 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 Specifi