Agricultural Economics and Management,9780136601845

Agricultural Economics and Management

by ; ;
Edition: 1st
ISBN13: 9780136601845
ISBN10: 0136601847
Format: Paperback
Pub. Date: 1998-06-09
Publisher(s): Pearson
List Price: $119.00

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Summary

Unlike other similar books, this step-by-step introduction to basic economics focuses on economic and managementdecision making inagriculture , specifically; systematically explores the full range oftheoretical tools ; and then relates them topractical management situations -- usingreal-world data and examples and the most up-to-date agricultural policy. Covers the full range of tools for management decision making (how much to produce, how to produce, what to produce) -- e.g., physical production relationships, cost relationship in production, utility maximization and Consumer Demand Theory, supply and demand, and market price determination. Explores a variety of managerial situations and tools -- e.g., competitive decision making; noncompetitive decision making; time, risk, and uncertainty. Considers the decision making environment -- e.g., marketing activities, governmental impacts in agriculture, macroeconomic policy linkages to agriculture and agribusiness, international trade and agriculture, and environmental considerations. Uses real-world data and examples to illustrate basic theoretical concepts. For those interested in agricultural management and agricultural economics.

Table of Contents

Preface xi
Part I TOOLS FOR DECISION MAKING 1(256)
CHAPTER 1 MANAGEMENT, ECONOMICS, AND DECISION MAKING: AN INTRODUCTION
3(23)
To Begin
3(1)
What Is Economics?
4(4)
Microeconomics Versus Macroeconomics
6(2)
Agriculture and Economics
8(3)
Characteristics of Agriculture
8(2)
What Is Agricultural Economics?
10(1)
Management: Art or Science?
11(2)
Managerial Economics
13(1)
Decision-Making Environment
13(3)
Elements in a Decision
14(1)
Steps in an Analytical Decision
15(1)
Book Approach
16(2)
Producer Versus Consumer Perspective
16(1)
Useful Assumptions
16(1)
Looking Ahead
17(1)
Questions
18(1)
Addendum 1: Graphs Are Only a Tool
18(4)
Addendum 2: Inflation and Index Numbers
22(4)
CHAPTER 2 PHYSICAL PRODUCTION RELATIONSHIPS
26(26)
Introduction
26(1)
In This Chapter
27(1)
Concepts and Definitions
27(3)
Notations
28(1)
Assumptions Used
28(1)
Definitions
29(1)
The Production Function
30(20)
Types of Production Responses
32(7)
The Typical Production Function
39(8)
Stages of Production
47(2)
Effect of Technological Change
49(1)
Summary
50(1)
Questions
51(1)
CHAPTER 3 COST RELATIONSHIPS IN PRODUCTION
52(20)
Introduction
52(1)
In This Chapter
52(1)
Concepts and Definitions
52(3)
Assumptions Used
53(1)
Definitions
53(2)
Cost Relationships in Production
55(15)
Costs on Total Output Basis
55(3)
Costs on Per-Unit of Output Basis
58(4)
Costs Related to Production Function
62(5)
Changes in Input Price or Production Function
67(3)
Summary
70(1)
Questions
71(1)
CHAPTER 4 MANAGEMENT DECISIONS: HOW MUCH TO PRODUCE?
72(28)
Introduction
72(1)
In This Chapter
72(1)
Assumptions Used
73(1)
Profit Maximization: The Decision Rules
73(21)
Profit Maximization Decision: Input Basis
74(8)
Profit Maximization Decision: Total Output Basis
82(5)
Profit Maximization Decision: Per-Unit Output Basis
87(6)
Equivalence of Profit Maximization Decision Rules
93(1)
Selected Applications
94(4)
Break-Even Analysis
94(2)
Maximizing Yield
96(1)
Limited Resources
96(2)
Discrete Units of Input and Output
98(1)
Summary
98(1)
Questions
99(1)
CHAPTER 5 MANAGEMENT DECISIONS: HOW TO PRODUCE?
100(35)
Introduction
100(1)
In This Chapter
100(1)
Assumptions Used
101(1)
Physical Relationships
101(9)
Production Surface
102(1)
Isoquant
103(2)
Marginal Rate of Substitution
105(5)
Economic Relationships
110(5)
Isocost Line
110(5)
Factor-Factor Decision
115(17)
Total Outlay Approach
115(1)
Numerical (or Mathematical) Approach
116(1)
Graphical Approach
117(2)
Impact of Changes in Input Prices
119(11)
Decision Rule Etiquette
130(1)
Maximizing Profits Using Two Variable Inputs
131(1)
Expansion of Business Production Level
131(1)
Summary
132(1)
Questions
133(2)
CHAPTER 6 MANAGEMENT DECISIONS: WHAT TO PRODUCE?
135(34)
Introduction
135(1)
In This Chapter
135(1)
Assumptions Used
136(1)
Physical Relationships
136(9)
Production Possibilities Frontier
137(3)
Marginal Rate of Product Substitution
140(5)
Economic Relationships
145(5)
Isorevenue Line
145(5)
Product-Product Decision
150(16)
Total Revenue Approach
150(1)
Numerical (or Mathematical) Approach
150(3)
Graphical Approach
153(2)
Impact of Changes in Product Prices
155(7)
Decision Rule Etiquette
162(1)
Possible Product-Product Relationships
163(2)
Profit Maximization
165(1)
Summary
166(2)
Questions
168(1)
CHAPTER 7 UTILITY MAXIMIZATION AND CONSUMER DEMAND THEORY
169(35)
Introduction
169(2)
In This Chapter
170(1)
Consumer Characteristics
170(1)
Assumptions Used
170(1)
Physical Relationships
171(11)
Utility
171(3)
Indifference Curves
174(2)
Marginal Rate of Substitution
176(6)
Economic Relationships
182(5)
Budget Line
182(5)
Utility Maximization Decision
187(12)
Impacts of Changes in Product Prices
191(4)
Deriving a Demand Curve Using Indifference Curves
195(2)
Decision Rule Etiquette
197(2)
Comparing the Utility Maximization Decision and the Factor-Factor Decision
199(3)
Summary
202(1)
Questions
203(1)
CHAPTER 8 SUPPLY AND DEMAND (AS DECISION-MAKING TOOLS)
204(31)
Introduction
204(1)
In This Chapter
204(1)
Supply
205(11)
Derivation of Market Supply Curves
205(2)
Law of Supply
207(1)
Elasticity of Supply
208(4)
Change in Supply Versus Change in Quantity Supplied
212(4)
Demand
216(16)
Derivation of Market Demand Curves
216(1)
Law of Demand
217(2)
Elasticity of Demand
219(6)
Change in Demand Versus Change in Quantity Demanded
225(7)
Summary
232(1)
Questions
233(2)
CHAPTER 9 MARKET PRICE DETERMINATION
235(22)
Introduction
235(1)
In This Chapter
235(1)
Assumptions Used
236(1)
Market Price Determination
236(7)
Market Equilibrium
237(2)
Markets in Disequilibrium
239(2)
Mathematical Representations
241(2)
Comparative Static Analysis
243(11)
Changes in Demand
243(2)
Changes in Supply
245(2)
Change in Supply with Change in Demand
247(2)
Using Comparative Static Analysis
249(2)
Price Control Policies
251(3)
Interdependence in the Economy
254(1)
Summary
254(1)
Questions
255(2)
Part II MANAGERIAL TOOLS 257(70)
CHAPTER 10 COMPETITIVE DECISION MAKING
259(15)
Introduction
259(1)
In This Chapter
260(1)
The Competitive Model
260(5)
Characteristics of Competition
260(1)
Results of Competition
261(4)
Why Economists Love Competition
265(1)
Agriculture and the Competitive Market
265(1)
Agriculture's Competitive Characteristics
265(1)
Agriculture's Departures from Competition
266(1)
Managing in a Competitive Environment
266(6)
Minimizing Costs
267(2)
The Benefits of Bargaining Power
269(2)
Planning for Changes in Demand
271(1)
Summary
272(1)
Questions
273(1)
CHAPTER 11 NONCOMPETITIVE DECISION MAKING
274(22)
Introduction
274(1)
In This Chapter
275(1)
Pure Competition
275(1)
Imperfect Competition
276(14)
Pure Monopoly
277(5)
Monopolistic Competition
282(2)
Oligopoly
284(4)
Why Are There Differences in Market Structures?
288(1)
Why Economists Love Competition, Again
289(1)
Managing in a Noncompetitive Environment
290(4)
Defensive Strategies
291(1)
Offensive Strategies
292(2)
Summary
294(1)
Questions
295(1)
CHAPTER 12 TIME, RISK, AND UNCERTAINY IN MANAGEMENT DECISIONS
296(31)
Introduction
296(1)
In This Chapter
296(1)
The Problem of Time
297(15)
Why Is Time a Problem?
297(1)
Time and Money
298(1)
Compounding and Discounting
299(6)
Depreciation: Handling a Special Time Problem
305(7)
Risk and Uncertainty
312(11)
Risk and Uncertainty Defined
312(1)
Risk and Uncertainty in Agriculture
313(2)
Minimizing Risk
315(4)
Minimizing Uncertainty
319(4)
Summary
323(1)
Questions
324(3)
Part III THE DECISION-MAKING ENVIRONMENT 327(84)
CHAPTER 13 MARKETING ACTIVITIES AND MANAGEMENT DECISIONS
329(19)
Introduction
329(1)
In This Chapter
329(1)
Marketing System
330(8)
Efficiency of Signals
330(1)
Efficiency of Physical Activities
330(1)
Customer or Consumer?
330(1)
What Is Marketing?
331(2)
Marketing Margin
333(5)
Approaches to Studying Marketing
338(5)
Functional Approach
338(2)
Institutional Approach
340(2)
Commodity Approach
342(1)
Systems Approach
342(1)
Structural-Evaluation Approach
343(1)
Management Decisions
343(1)
International Marketing and Trade
344(2)
Importance to Agriculture
344(1)
Concept of Comparative Advantage
345(1)
Summary
346(1)
Questions
347(1)
CHAPTER 14 GOVERNMENT IN AGRICULTURE: IMPACTS ON DECISIONS
348(20)
Introduction
348(1)
In This Chapter
348(1)
Why Agriculture Is Sometimes a National Problem
349(4)
Traditional Agricultural Problems
349(1)
Contemporary Agricultural Problems
350(1)
Economic Factors Behind Major Agricultural Problems
351(2)
Programs to Address Farm Problems
353(6)
Traditional Farm Policy
354(1)
Price Supports and Direct Payments
354(3)
Production Controls
357(1)
Credit
358(1)
Deregulation of Farm Programs in 1996
358(1)
Basic Economics of Farm Programs
359(6)
Economics of Price Supports
359(2)
Economics of Direct Payments
361(1)
Economics of Production Controls
362(1)
Management Challenges Under the New Agricultural Policy
363(2)
Summary
365(1)
Questions
366(2)
CHAPTER 15 MACROECONOMIC POLICY LINKAGES TO AGRICULTURE AND AGRIBUSINESS
368(13)
Introduction
368(1)
In This Chapter
368(1)
What Is Macroeconomic Policy and Why Is It Important?
369(3)
Macroeconomic Policy Linkages to Agriculture
372(7)
Monetary Policy Linkages and Impacts
373(3)
Fiscal Policy Linkages and Impacts
376(1)
Trade Policy Linkages and Impacts
377(2)
Summary
379(1)
Questions
379(2)
CHAPTER 16 INTERNATIONAL TRADE AND AGRICULTURE
381(15)
Introduction
381(1)
In This Chapter
382(1)
Rationale for Trade
382(6)
Excess Supply
384(1)
Excess Demand
385(1)
World Equilibrium
386(1)
Impacts of Trade
387(1)
The Exchange Rate
388(1)
Effects of Trade Policies
389(2)
International Trade Agreements
391(2)
U.S. International Trade Performance
393(1)
Trade Dependency
393(1)
Summary
394(1)
Questions
394(2)
CHAPTER 17 ENVIRONMENTAL POLICY: IMPACTS ON DECISIONS
396(15)
Introduction
396(1)
In This Chapter
397(1)
Environmental Problems
397(3)
Social Costs and Externality
398(2)
Solving Environmental Problems
400(6)
Market Solutions
400(2)
Common Law Remedies
402(1)
Taxes, Charges, and Subsidies
403(2)
Standards and Regulations
405(1)
Impacts on Decisions
406(3)
Output Decisions
407(1)
Production Methods
407(1)
Input Decisions
408(1)
Risk
408(1)
Summary
409(1)
Questions
409(2)
GLOSSARY 411(14)
INDEX 425

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