Course Description : | Prerequisite :( 0605101)
Applications of economic principles to problems of agricultural production. Analysis of production functions, cost functions and their uses in determining optimal quantities of production inputs and outputs. Economically efficient and profit maximizing output, economies of size and scale, elasticity of substitution, demand functions for inputs, the impact of new technology on production, cost, and profit function, and decision-making through time and under risk and uncertainty. |