agec 317 economic analysis for agribusiness and management
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AGEC 317AGEC 317
Economic Analysis for Economic Analysis for Agribusiness and Agribusiness and
ManagementManagement
About Your InstructorAbout Your Instructor
Dr. Yu Yvette ZhangDr. Yu Yvette Zhang
Office:Office: 340 340 AGLS AGLS
Phone:Phone: 979-845-2136979-845-2136
E-mail:E-mail: [email protected]@tamu.edu
Office hours:Office hours: MWF 3 to 4:30 p.m.MWF 3 to 4:30 p.m.
or by appointmentor by appointment
About Your Instructor, (con’t)About Your Instructor, (con’t)
Ph.D., Economics, Texas A&M University, 2010Ph.D., Economics, Texas A&M University, 2010Ph.D., Biology, Duke University, 2004Ph.D., Biology, Duke University, 2004B.S., Biology, Peking University, 1998B.S., Biology, Peking University, 1998
Research areasResearch areas: : Applied Microeconomics, Experimental Applied Microeconomics, Experimental Economics, Industrial Organization, Applied Econometrics, Economics, Industrial Organization, Applied Econometrics, EcologyEcology
Webpage: Webpage: http://agecon2.tamu.edu/people/faculty/zhang-yvette
Course Website:Course Website:http://agecon2.tamu.edu/people/faculty/zhang-yvette/AGEC317.htmOrOreLearningeLearning
TATA
TA: Christopher RutlandOffice: TBDPhone: 979-777-5846Office Hours: from 8:30-10:30 amE-mail: [email protected]
Prerequisites for AGEC 317Prerequisites for AGEC 317
AGEC 217 (Fundamental Agricultural AGEC 217 (Fundamental Agricultural economic analysis)economic analysis)
MATH 142 (MATH 142 (Business Mathematics) II or equivalent or equivalent
STAT 303 (Statistical Methods) or STAT 303 (Statistical Methods) or equivalentequivalent
ECON 323 (Microeconomic theory) or ECON 323 (Microeconomic theory) or equivalentequivalent
Textbooks:Textbooks: Managerial EconomicsManagerial Economics, Twelfth edition by Mark , Twelfth edition by Mark
Hirschey Hirschey Introductory Econometrics: A Modern ApproachIntroductory Econometrics: A Modern Approach, ,
4e, Jeffery Wooldridge, 2008. (Recommended4e, Jeffery Wooldridge, 2008. (Recommended))
AGEC 317AGEC 317Goals:Goals: Better understand managerial and economic Better understand managerial and economic
issues in agribusiness managementissues 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.)* Production (farms, ranches, etc.)
* Input (seed, chemicals, credit, etc.)* Input (seed, chemicals, credit, etc.)
* Processing (milk, grain, meat, etc.)* Processing (milk, grain, meat, etc.)
* Manufacturing (ice cream, cereals, etc.)* Manufacturing (ice cream, cereals, etc.)
* Transporters, sellers, etc. (restaurants, supermarkets* Transporters, sellers, etc. (restaurants, supermarkets))
Provide exposure in using formal quantitative Provide exposure in using formal quantitative analysis to solve economic problemsanalysis to solve economic problems
Review of Key Algebraic Review of Key Algebraic Concepts/CalculusConcepts/Calculus
Demand, Supply and Elasticity AnalysisDemand, Supply and Elasticity Analysis
Risk AnalysisRisk Analysis
Regression (Estimation and Inference)Regression (Estimation and Inference)
ForecastingForecasting
Optimization via the use of CalculusOptimization via the use of Calculus
Linear ProgrammingLinear Programming
Specific ExpectationsSpecific Expectations
Understand demand and supply relationshipsUnderstand demand and supply relationships
Solve optimization problems (either calculus-Solve optimization problems (either calculus-based or linear programming)based or linear programming)
Conduct regression analysis and interpret resultsConduct regression analysis and interpret results
Conduct tests of hypotheses within a regression Conduct tests of hypotheses within a regression analysisanalysis
Make projections or forecastsMake projections or forecasts
Understand decision-making under uncertaintyUnderstand decision-making under uncertainty
Ability to communicate quantitative results to Ability to communicate quantitative results to decision-makersdecision-makers
Evaluation of Student PerformanceEvaluation of Student Performance
Bonus Questions (In class, open book/notes): 5 %Bonus Questions (In class, open book/notes): 5 % Homework Assignments: 12%Homework Assignments: 12% Class Project (5 students/group): 15%Class Project (5 students/group): 15% Exam 1: 35 %Exam 1: 35 % Exam 2: 35 %Exam 2: 35 % Final Exam (Cumulative) OptionalFinal Exam (Cumulative) Optional Total 103%Total 103%
Point Total Letter GradePoint Total Letter Grade ≥ ≥ 90 A90 A 80 – 89 B80 – 89 B 70 – 79 C70 – 79 C 60-69 D60-69 D <60 F<60 F
Important Dates:
Exam 1: Oct 12, 2011Class Project Due: Nov 21, 2011Exam 2: Dec 2, 2011Final Exam (Optional): Dec 13, Tuesday, 10:30am -12:30pm
Steps Toward SuccessSteps Toward Success
Have a positive attitude!!!Have a positive attitude!!!
Come to lectures, class participationCome to lectures, class participation
Review lecture notesReview lecture notes
Speak up in class if you are Speak up in class if you are confused or require clarification on confused or require clarification on conceptsconcepts
Work diligently on the class projectWork diligently on the class project
Check material on my webpageCheck material on my webpage
Can We Study in a Group?Can We Study in a Group?
Yes!!! Studying in a group is encouraged.Yes!!! Studying in a group is encouraged.
For the class project, work in a team of five to For the class project, work in a team of five to six individuals.six individuals.
But...But...
You take individual responsibility for You take individual responsibility for learning the materiallearning the material
Make sure YOU can do the assignmentsMake sure YOU can do the assignments
The assignments are very similar to in-The assignments are very similar to in-class test questionsclass test questions