Login Create Account

Back to Course Catalog

AEA303Agricultural Sciences2 Unitsintermediate

Agricultural Production Economics

This course, Agricultural Production Economics, is designed for undergraduate students in the school of Agricultural Sciences. It introduces students to key concepts in agricultural production economics, including the nature of agricultural economics, production theory, and cost analysis. The course aims to equip students with the knowledge to advise farmers and policymakers on optimizing farm production for profitability. Topics covered include factor-product relationships, production costs, and profit maximization strategies.

Take a Practice Test Generate AI Study Notes

Take a practice test or generate AI study notes to help you excel in this course.

90h

Study Time

13

Weeks

7h

Per Week

intermediate

Math Level

Course Keywords

Agricultural EconomicsProduction EconomicsFarm ManagementCost AnalysisProfit Maximization

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

📊

Math Level

Moderate Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Agricultural Economics

2

Production Economics

3

Production Functions

4

Cost Analysis

5

Factor-Product Relationship

6

Factor-Factor Relationship

7

Product-Product Relationship

8

Profit Maximization

9

Resource Allocation

10

Laws of Returns

Total Topics10 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Farm Manager

Apply your skills in this growing field

Agricultural Economist

Apply your skills in this growing field

Agricultural Consultant

Apply your skills in this growing field

Agricultural Policy Analyst

Apply your skills in this growing field

Agribusiness Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FarmingAgribusinessAgricultural PolicyAgricultural ConsultingAgricultural Finance

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Nature of Agricultural Production Economics

3h

Unit 1: Meaning and Uses of Agricultural Economics

1.5 study hours

•Read Unit 1: Meaning and Scope of Agricultural Economics
•Define agricultural economics and its relevance to resource allocation
•Identify the various areas of specialization within agricultural economics
•Discuss the uses of economics in agriculture, including production level decisions and policy formulation

Unit 2: Meaning and Scope of Agricultural Production Economics

1.5 study hours

•Read Unit 2: Meaning and Scope of Agricultural Production Economics
•Define production economics and its focus on resource management
•Explain the meaning of agricultural production economics and its application to farming
•Outline the scope of agricultural production economics, including resource allocation and economic efficiency

Week

2

Module 1: Nature of Agricultural Production Economics

2h

Unit 3: Concepts in Agricultural Production Economics

2 study hours

•Read Unit 3: Concepts in Agricultural Production Economics
•Define key concepts such as production, factors of production, and efficiency
•Explain the three types of production: primary, secondary, and tertiary
•Discuss the four factors of production: land, labor, capital, and entrepreneurship

Week

3

Module 1: Nature of Agricultural Production Economics

2h

Unit 4: Characteristics/Features of Agricultural Production

2 study hours

•Read Unit 4: Characteristics/Features of Agricultural Production
•List and discuss the features that distinguish agricultural production from industrial production
•Explain the dependence on weather, seasonality of production, and perishability of agricultural products
•Discuss the implications of joint products, bulkiness, and standardization problems in agriculture

Week

4

Module 2: Theory of Production Economics

3h

Unit 1: Meaning and Uses of Production Function

1.5 study hours

•Read Unit 1: Meaning and Uses of Production Function
•Define production function and its role in expressing input-output relationships
•Discuss the uses of production function in national product derivation and trade assessment
•Explain how production function aids in resource allocation and profit maximization

Unit 2: Expression of Production Function

1.5 study hours

•Read Unit 2: Expression of Production Function
•List and explain the different ways of expressing production function
•Describe functional notation, tabular presentation, graphical expression, and mathematical presentation
•Discuss the advantages and limitations of each method of expressing production function

Week

5

Module 2: Theory of Production Economics

2h

Unit 3: Types/Forms of Production Function

2 study hours

•Read Unit 3: Types/Forms of Production Function
•Identify and list the five major types of production function
•Write the mathematical expression of linear, quadratic, Cobb-Douglas, square-root, and semi-log functions
•Explain the application of at least three of these functions in agricultural production economics

Week

6

Module 2: Theory of Production Economics

1h

Unit 4: Time Periods in the Production Process

1 study hours

•Read Unit 4: Time Periods in the Production Process
•Explain the meaning of time periods in the production process
•Describe the short run and long run periods of production
•Discuss how resource allocation differs in the short run and long run

Week

7

Module 3: Factor-Product Relationship

2h

Unit 1: Laws of Return

2 study hours

•Read Unit 1: Laws of Return
•Identify the three types of returns in production relationships
•Explain the laws of increasing, constant, and decreasing returns
•Use tables, graphs, and mathematics to illustrate the three laws of returns

Week

8

Module 3: Factor-Product Relationship

2h

Unit 2: Classical Production Function

2 study hours

•Read Unit 2: Classical Production Function
•Explain the meaning of total physical product, average physical product, and marginal physical product
•Establish the relationship between TPP, APP, and MPP
•Explain the law of diminishing returns and differentiate the three stages of production function

Week

9

Module 3: Factor-Product Relationship

2h

Unit 3: Output and profit maximization under one variable input

2 study hours

•Read Unit 3: Output and profit maximization under one variable input
•Explain how optimum output is determined
•Describe how optimum profit is determined using production function and profit function approaches
•Explain how input demand curve is obtained from production function and formulate output elasticity

Week

10

Module 3: Factor-Product Relationship

2h

Unit 4: Resource Allocation Involving More Than One Variable Input

2 study hours

•Read Unit 4: Resource Allocation Involving More Than One Variable Input
•Explain the interaction between two variable inputs to produce output
•Describe the least-cost input combination that will result in optimum profit
•Use production function to determine optimum profit of two variable inputs

Week

11

Module 4: Factor - Factor and Product-Product Relationships

2h

Unit 1: Profit Maximization in Factor-Factor Relationships

2 study hours

•Read Unit 1: Profit Maximization in Factor-Factor Relationships
•Determine the profit maximizing input levels using production function approach
•Determine the profit maximizing input levels using total profit function approach
•Calculate the effect of imposing constraint on optimum profit

Week

12

Module 4: Factor - Factor and Product-Product Relationships

2h

Unit 2: Important Concepts in Factor - Factor Relationship

2 study hours

•Read Unit 2: Important Concepts in Factor - Factor Relationship
•Define Isoquant and explain the relationship between Isoquant and MRTS
•Calculate the elasticity of input substitution
•Plot the graphs and explain the meanings of Isocline, ridge line and expansion path

Week

13

Module 4: Factor - Factor and Product-Product Relationships

2h

Unit 3: Product-Product Relationships

2 study hours

•Read Unit 3: Product-Product Relationships
•Identify and explain the meaning of the four types of product-product relationships
•Explain the concept of production possibility curve
•Describe the concepts of Iso-revenue and output expansion path and determine the optimum revenue combination

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

Access PDF Material

Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key definitions and formulas from each unit, creating flashcards for quick recall

2

Practice solving numerical problems from Units 3 and 4, focusing on profit maximization and cost minimization

3

Create diagrams illustrating the relationships between TPP, APP, MPP, MC, AVC, and ATC

4

Focus on understanding the assumptions and limitations of each production function model

5

Review all Tutor-Marked Assignments (TMAs) and ensure you understand the solutions

6

Allocate specific time slots for revision, focusing on areas of weakness identified in self-assessment exercises

Related Courses

Other courses in Agricultural Sciences that complement your learning

Farm Records And Accounting

Food & Beverage Production Iv

Ruminat Animal Production

View All Agricultural Sciences Courses