Agricultural Economics

Agricultural Economics

AREC2001 Econ of Biological Production Systems

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or AGEC1006 or AGEC1102 Assessment: 2x1000wd Assignment (40%), 1x2hr Final Exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is concerned with the application of microeconomic principles to management decisions in agricultural, forest, and fisheries systems. The unit builds on the theoretical knowledge acquired in previous studies and introduces the methods of applied economic analysis through a range of topics including: production functions (single and multi-output), cost and profit functions; methods for the measurement of productivity; optimisation in biological production systems; and production under risk.
AREC2002 Commodity Market and Price Analysis

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or AGEC1006 or AGEC1102 Assessment: 1x50min Mid-semester Test (20%), 1xGroup Assignment (1000wd equiv) (20%), 1x2hr Final Exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit focuses on the nature of agricultural and resource commodity markets, market demand relationships, market supply relationships, price determination under alternative market structures, marketing margin relationships, derived demand for inputs, spatially and temporally related markets, market dynamics, price expectations, commodity futures markets and other pertinent topics. Applied examples from the agricultural and resource industries and the overall economy will be used throughout the semester as illustrations of the principles involved.
AREC2004 Benefit-Cost Analysis

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or AGEC1006 or AGEC1102 Assessment: 1x200wd benefit-cost presentation (5%), 1x1000wd group work essay (20%), 1x1000wd report (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Foundational concepts in welfare economics, such as economic efficiency, criteria for assessing social welfare improvements, and economic surplus measures, are analysed in detail and applied to project evaluation and policy assessment. Procedures of conducting a benefit-cost analysis are presented, and tools of non-market valuation for public goods and environmental assets are covered in detail. These techniques include both stated and revealed preference techniques, including contingent valuation, choice modeling, hedonic pricing and travel cost methods.
AREC3001 Production Modelling and Management

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2001 or AGEC2103 or ECOS2001 or ECOS2901 Assessment: 1x2hr Final Exam (60%), 1x50min Mid-semester Test (15%), 1x1500wd Assignment (25%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit builds on the principles of biological production economics and introduces optimisation methods to solve decision making problems encountered by agribusiness and natural resource firms and managers in public agencies. The principle focus is on the application of linear programming techniques, and students learn to consider solving decision making problems where the outcomes are not known with certainty, and where the timing of decisions is of essence.
AREC3002 Agricultural Markets

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2001 or AGEC2103 or ECOS2001 or ECOS2901 Assessment: 1000wd equivalent problem sets (30%), 1x1500wd essay (30%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed to provide an understanding of the underlying forces driving agricultural markets. It addresses price analysis and efficiency, including aspects of form, time and space in agricultural marketing; information and contracts; changing consumer concerns (food safety, ethical production); futures market and other risk sharing devices. Building on the application of microeconomic theory to both production and consumption in agricultural markets, its content is analytical. The unit also investigates some of the forces which prevent the efficient operation of world agricultural markets, including impediments to trade, imperfect markets for inputs and outputs and market power along the agricultural supply chain.
AREC3005 Agricultural Finance and Risk

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2001 or AGEC2103 or AREC2002 or AGEC2101 or ECOS2001 or ECOS2901 Assessment: 1x2hr Final Exam (70%), 2x1500wd Assignments (30%) Mode of delivery: Normal (lecture/lab/tutorial) day
Agricultural production is typically risky, adding complexity to decision analysis and increasing need of risk consideration in agricultural policy design. This unit explores this theme, and has two related components: risk and risk management in agriculture, and issues of agricultural producer finance. These two components cover a broad range of topics that incorporate production risk and other sources of risk in agriculture.
ECMT1010 Introduction to Economic Statistics

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x2hr workshop/week Prohibitions: ECMT1011 or ECMT1012 or ECMT1013 or MATH1015 or MATH1005 or MATH1905 or STAT1021 or ECOF1010 or BUSS1020 or ENVX1001 Assessment: homework (15%), quizzes (30%), assignment (15%) and 1x2hr Final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit emphasises understanding the use of computing technology for data description and statistical inference. Both classical and modern statistical techniques such as bootstrapping will be introduced. Students will develop an appreciation for both the usefulness and limitations of modern and classical theories in statistical inference. Computer software (e.g., Excel, StatKey) will be used for analysing real datasets.
ECMT1020 Introduction to Econometrics

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x2hr workshop/week Prerequisites: ECMT1010 or ECOF1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015 Prohibitions: ECMT1001 or ECMT1002 or ECMT1003 or ECMT1021 or ECMT1022 or ECMT1023 Assessment: 3x quizzes (25%), workshop questions/homework (10%), assignment (15%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Other than in exceptional circumstances, it is strongly recommended that students do not undertake Introduction to Econometrics before attempting Introduction to Economic Statistics.
This unit is intended to be an introduction to the classical linear regression model (CLRM), the underlying assumptions, and the problem of estimation. Further, we consider hypothesis testing, and interval estimation, and regressions with dummy variables and limited dependent variable models. Finally, we consider different functional forms of the regression model and the problem of heteroskedasticity. Throughout we will try to emphasise the essential interplay between econometric theory and economic applications.
ECMT2150 Intermediate Econometrics

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015) and ECMT1020 Prohibitions: ECMT2110 Assessment: 4x250wd Individual Assignments (20%), 1x1hr Mid-semester Test (30%), 1x2hr Final Exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit will provide an introduction to the key issues involved in with the econometrics of cross-section and panel data. The topics this unit will cover include: instrumental variables; estimating systems by OLS and GLS; simultaneous equation models; discrete-choice models; treatment effects; and sample selection. Throughout the unit, emphasis will be placed on economic applications of the models. The unit will utilise practical computer applications, where appropriate.
ECON1001 Introductory Microeconomics

Credit points: 6 Session: Semester 1,Semester 2,Summer Main Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prohibitions: BUSS1040 Assessment: online quizzes (10%), 1xMid-semester test (30%), 1xEssay (10%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Introductory Microeconomics addresses the economic decisions of individual firms and households and how these interact in markets. It is a compulsory core unit for the Bachelor of Economics and an alternative core unit for the Bachelor of Economic and Social Science. Economic issues are pervasive in contemporary Australian society. Introductory Microeconomics introduces students to the language and analytical framework adopted in Economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.
ECON1002 Introductory Macroeconomics

Credit points: 6 Session: Intensive June,Semester 1,Semester 2,Summer Main Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assessment: 1500wd written assessments (25%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. It is a compulsory core unit for the Bachelor of Economics and an alternative core unit for the Bachelor of Economic and Social Sciences. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.
ECOS2001 Intermediate Microeconomics

Credit points: 6 Session: Semester 1,Semester 2,Summer Main Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 Corequisites: ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015 Prohibitions: ECON2001 or ECON2901 or ECOS2901 Assessment: Tutorial participation (10%), 2x in-class tests (40%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.
ECOS2901 Intermediate Microeconomics Honours

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040) and ECON1002 with a Credit average or better in the two units of study combined Corequisites: (ECOS2903 or MATH2070) and (ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015) Prohibitions: ECON2001 or ECON2901 or ECOS2001 Assessment: 2x Mid-semester tests (50%) and 2.5hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit is comprised of lectures based upon the curriculum for ECOS2001 Intermediate Microeconomics, supported by a seminar for one hour a week. The content of lectures reflect a more analytical and critical treatment of the topics than ECOS2001. The topics, which build on the theory of consumer and firm behaviour and market structure, include game theory, oligopoly, general equilibrium and welfare, externalities and public goods and the economics of information.
ECOS3002 Development Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Assessment: 1x1500wd written assessment (30%), 1x1hr mid-semester exam (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit examines the economic transformation of less-developed countries from microeconomic and macroeconomic perspectives. It covers applied topics such as education, health, nutrition, demographics, labour, agriculture and the private sector, focusing on how policies attempt to overcome market and institutional failures that are particularly acute in the developing world. Focus is given to applying theoretical and empirical tools necessary to conceptualise, analyse and interpret various issues in economic development. Applied examples from developing countries are used throughout the unit.
ECOS3005 Industrial Organisation

Credit points: 6 Session: Semester 1,Summer Main Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECOS2201 Assessment: Mid-semester test (35%), problem sets (5%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study examines the nature of inter-firm rivalry in industries with market power. It explores the various ways in which firms can increase their market power by: extracting more surplus from consumers, by colluding with rivals or by excluding entrants. The unit also analyses the international competitiveness of industries in the context of industry assistance and the prevalence of foreign multinationals. Competition policy is also discussed.
ECOS3006 International Trade

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: problem sets (5%), Mid-semester test (35%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study provides a systematic analysis of the theory of international trade and trade policy. Initially differences between countries are emphasised as the source of trade and the gains from trade. Models that are examined include the Classical-Ricardian model, the Heckscher-Ohlin model and the Specific-Factors model. Next economics of scale and imperfect competition are introduced as sources of trade and gains from trade. The unit concludes with an examination of empirical studies aimed at testing trade theories. The analysis of trade policy begins with a discussion of the instruments of trade policy, in particular, tariffs and quotas and their effect on welfare. This discussion is then extended to the case of imperfect competition and strategic trade policy.