AGR553: Economics of Agricultural Production / Faculty of Plantation and Agrotechnology

This module deals with an introduction to production problems of agriculture in the modern economies. Emphasis is placed on the quantitative relationships that are basic to production process in agriculture. Special attention is also given regarding the level of factor costs and product prices and the nature of production patterns which allows the attainment of certain desired optima like profit maximization or cost minimization. Upon completion of the course the student will learn to list and explain different agricultural economic fields, including demand theory (e.g., demand and price analysis, consumer behaviour, and market price determination) and supply theory (e.g., production economics, cost analysis and optimal output levels).