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AGEC 317

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@tamu.edu Office hours: MWF 3 to 4:30 p.m. or by appointment. About Your Instructor, (con’t).

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AGEC 317

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  1. AGEC 317 Economic Analysis for Agribusiness and Management

  2. About Your Instructor Dr. Yu Yvette Zhang Office: 340 AGLS Phone: 979-845-2136 E-mail: yzhang@tamu.edu Office hours: MWF 3 to 4:30 p.m. or by appointment

  3. About Your Instructor, (con’t) Ph.D., Economics, Texas A&M 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: http://agecon2.tamu.edu/people/faculty/zhang-yvette Course Website: http://agecon2.tamu.edu/people/faculty/zhang-yvette/AGEC317.htm Or eLearning

  4. TA TA: Christopher Rutland Office: TBD Phone: 979-777-5846 Office Hours: from 8:30-10:30 am E-mail: CTRutland@ag.tamu.edu

  5. 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

  6. Textbooks: Managerial Economics, Twelfth edition by Mark Hirschey Introductory Econometrics: A Modern Approach, 4e, Jeffery Wooldridge, 2008. (Recommended)

  7. 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)

  8. 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

  9. Specific Expectations Understand demand and supply relationships Solve optimization problems (either calculus-based or linear programming) Conduct regression analysis and interpret results Conduct tests of hypotheses within a regression analysis Make projections or forecasts Understand decision-making under uncertainty Ability to communicate quantitative results to decision-makers

  10. Evaluation of Student Performance Bonus Questions (In class, open book/notes): 5 % Homework Assignments: 12% Class Project (5 students/group): 15% Exam 1: 35 % Exam 2: 35 % Final Exam (Cumulative) Optional Total 103% Point Total Letter Grade ≥ 90 A 80 – 89 B 70 – 79 C 60-69 D <60 F

  11. Important Dates: Exam 1: Oct 12, 2011 Class Project Due: Nov 21, 2011 Exam 2: Dec 2, 2011 Final Exam (Optional): Dec 13, Tuesday, 10:30am -12:30pm

  12. Steps Toward Success Have a positive attitude!!! Come to lectures, class participation Review lecture notes Speak up in class if you are confused or require clarification on concepts Work diligently on the class project Check material on my webpage

  13. Can We Study in a Group? Yes!!! Studying in a group is encouraged. For the class project, work in a team of five to six individuals. But... You take individual responsibility for learning the material Make sure YOU can do the assignments The assignments are very similar to in-class test questions

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