AAEC 5025: Applied Microeconomics
Credits: 3 graduate credits
Basic economic theory of food and fiber production, food and fiber consumption, agricultural markets, and social welfare as influenced by the agricultural sector. Major emphasis placed on application of theory to current agricultural and resource problems.
By completion of the course, the student will be able to:
- Develop a thorough understanding of static neoclassical consumer and producer microeconomic theory.
- Gain confidence in their ability to perform verbal, graphical, and mathematical analyses, derivations, and proofs using economic theory.
- Master the skills necessary to apply economic theory to selected managerial and policy problems.
- Appreciate the potential and limitations of neoclassical microeconomic theory in real world managerial and policy applications.
- Understand of the implications of uncertainty, transaction costs, and bounded-rationality for economic behavior and the confidence to explore these topics in greater depth.
- Apply microeconomic analysis to your job and career.