AREC 272

In this second-year course, students will begin to apply economic theory to anticipate and address the unique and often challenging situations that agribusiness firms often face in agriculture and food markets. The course will begin with a survey of microeconomics, covering consumers and utility maximization, producers and profit maximization, optimal input use, and markets before moving to a discussion of externalities, market failures, and other topics. These economic topics will be studied through the lens of agricultural production.