Agricultural and Resource Economics (AGEC1102)

UNIT OF STUDY

The unit applies the principles studied in introductory microeconomics to the agricultural and resource sectors. Some descriptive content regarding Australia's agricultural markets, natural resource assets and industries is included. The first part of the unit is focused on basic concepts of supply, demand, equilibrium in agricultural and resource markets, and how markets can be modeled mathematically. Subsequent parts of the unit are focused on introductory production economics and natural resource management (under conditions of market failure, and as dynamic processes). Sources of risk in agriculture and resource markets, alternative management strategies, and basic techniques of decision making in the face of risk are explored.

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Further unit of study information

Classes

3x1-hr lectures/week, 1x1-hr tutorial/week commencing week 2

Assessment

1x1hr exam (25%), 1xassignment (15%) and 1x2hr exam (60%)

Faculty/department permission required?

No

Unit of study rules

Prerequisites and assumed knowledge

Assumed knowledge: HSC Mathematics or HSC Mathematics Extension 1

Prohibitions

AGEC1002

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Cross-institutional study

If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.

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