Ag. Econ Schedule

Agricultural Economics 1041
Course Schedule

Introduction

Website listings are for AmosWeb.com. This free resource has substantially more content than any textbook. All readings are from “Essential Foundations of Economics,” 4^th edition by Bade/Parkin.

I. Market Analysis

1) Tuesday, August 26

Topic: Introduction. Terms to remember: scarcity, marginality, opportunity cost, incentives…..

Reading: Preface; Chapter 1, pp 1-32

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=utility

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=opportunity+cost

Adam Smith is one of the few names that you should know for this course. He is considered the father of modern economics. He coined the term “invisible hand” to describe how free markets function so effectively

Note: No assigned reading from Chapter 2 but skimming it might be a good idea

2) Thursday, August 28

Topic: Graphs. Opportunity cost. PPC and comparative advantage

Reading: pp 23-32; Chapter 3, pp 61-82

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=marginal+utility

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=production+possibilities+curve

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=4

September 1 – Labor Day Holiday NO CLASSES

September 2 – Last day to register, add, or change sections

3) Tuesday, September 2

Topic: Consumer decision making

Reading: Chapter 4, pp 83-86

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=rule+of+consumer+equilibrium

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=9

4) Thursday, September 4

Topic: Demand; buyers’ side of market

Reading: Chapter 4, pp 85-91

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=demand

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=demand+curve

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=5

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=demand+determinants

September 9 – Last day to change grading option

5) Tuesday, September 9

Topic: Supply; sellers’ side of the market

Reading: Chapter 4, pp 92-98

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=supply

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=supply%20curve

http://www.amosweb.com/cgi-

bin /awb_nav.pl?s=wpd&c=dsp&k=law+of+supply

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=supply%20determinants

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=6

6) Thursday, September 11

Topic: Market equilibrium

Reading: Chapter 4, pp 99-110

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=equilibrium

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=market+equilibrium

7) Tuesday, September 16

Topic: Tying the pieces together; it is all about utility and opportunity cost

Reading: Chapters 2 & 4

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=9

8) Thursday, September 18

Topic: Elasticity; own-price elasticity of demand

Reading: Chapter 5, pp 111-123

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+elasticity+of+demand

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=income+elasticity+of+demand

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=11

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=12

September 20 – Last day for 50% refund

9) Tuesday, September 23

Topic: Elasticity, supply, cross-price and income

Reading: Chapter 5, pp 124-136

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=income+elasticity+of+demand

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=11

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=12

10) Thursday, September 25

FIRST EXAM, 140 POINTS

September 29 – Last day to drop course without grade

II. Markets and the Government

11) Tuesday, September 30

Topic: Market efficiency and measuring value

Reading: Chapter 6, pp 137-148

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=consumer+surplus

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=producer+surplus

12) Thursday, October 2

Topic: Market values, deadweight loss, government intervention in markets & excise taxes

Reading: Chapter 6, pp 149-166; Chapter 7 pp 167-173;

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=deadweight+loss

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=disequilibrium+price

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+ceiling

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+floor

13) Tuesday, October 7

Topic: Government intervention continued, price controls

Reading: Chapter 7, pp 174-194

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=government+functions

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=public+sector

Note: Skip Chapter 8

14) Thursday, October 9

Topic: Externalities and property rights

Reading: Chapter 9, pp 223-235

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls&c=dsp&k=market+failure

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls&c=dsp&k=externalities

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=government+functions

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=public+sector

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls&c=dsp&k=public+goods

15) Tuesday, October 14

Topic: Public intervention

Reading: Chapter 9, pp 236-246

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=equilibrium

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=market+equilibrium

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=government+functions

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls&c=dsp&k=public+goods

16) Thursday, October 16

SECOND EXAM, 140 POINTS

October 19 – Last day for 25% refund

III. Decision Making by Firms

17) Tuesday, October 21

Topic: Profit and cost

Reading: Chapter 10, pp 247-252

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=profit

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=profit+maximization

18) Thursday, October 23

Topic: Production, diminishing returns

Reading: Chapter 10, pp 253-258

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=marginal+revenue+product

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15

19) Tuesday, October 28

Topic: Short run costs

Reading: Chapter 10, pp 259-266

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=production+time+periods

20) Thursday, October 30

Topic: Long run costs

Chapter 10, pp 267-274

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15

October 27 – November 14 – SP2009 Early Registration (current students

only)

November 3 – Last day to withdraw from a course

21) Tuesday, November 4

Topic: Market structure (types)

Reading: Chapter 11, pp 275-279

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=17

22) Thursday, November 6

Topic: Perfect competition, marginal analysis, general market response

Reading: Chapter 11, pp 280-302

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=17

23) Tuesday, November 11

Topic: Monopoly

Reading: Chapter 12, pp 303-317, 331-334

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=18

Note: Rest of Chapter 12 assigned for 11/18

24) Thursday, November 13

Topic: Monopolistic competition and oligopoly

Reading: Chapter 13, pp 335-342, 361-364

November 15 – Last day to transfer divisions

25) Tuesday, November 18

Topic: Regulation

Reading: Chapter 12, pp 318-334

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=18

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=wpd&c=dsp&k=price+discrimination

26) Thursday, November 20

THIRD EXAM, 140 POINTS

November 22 – Thanksgiving Recess Begins, close of day

December 1 – Class work resumes, 8:00am

27) Tuesday, December 2

Basic Review: Comparative advantage

Reading: Chapter 3, pp 61-82

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=production+possibilities+curve

http://www.amosweb.com/cgi-

bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=4

28) Thursday, December 4

Current events: Trade

Chapter 3, 4 & 6

29) Tuesday, December 9

Current Events: Markets and government

Reading: Chapters 4, 6 & 7

30) Thursday, December 11

Current Events: Firms

Reading: Chapters 10, 11 & 12

December 11 – Semester ends

Final Exam Schedule

8 a.m. Section Monday, December 15^th 1:00 p.m. – 3:00 p.m. Waters Auditorium

11:00 a.m. Section Thursday, December 18^th 1:00 p.m. – 3:00 p.m. Ellis Auditorium