Agricultural economics I. – Karcagi-Kováts, Andrea Kuti, István

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Tárgymutató ……………………………………………………………………………………………………………………… 1
Contents ……………………………………………………………………………………………………………………………. ii
1. Preface ………………………………………………………………………………………………………………….. ii
1. 1. What is agricultural economics? ……………………………………………………………………………………. 3
1. 1.1. Agricultural economics: a brief intellectual histo …………………………………………………. 3
2. 1.2 Agricultural economics: an applied field of economics ………………………………………….. 4
3. Review questions …………………………………………………………………………………………………… 4
2. 2. Theory of consumer behaviour ……………………………………………………………………………………… 5
1. 2.1. Demand and demand function ……………………………………………………………………………. 5
2. 2.2. The analysis of consumer choice ………………………………………………………………………… 6
2.1. 2.2.1. Total and marginal utility ……………………………………………………………………. 6
2.2. 2.2.2. Indifference curves …………………………………………………………………………….. 7
2.3. 2.2.3. The consumer equilibrium …………………………………………………………………… 8
3. 2.3. Impact of changes in income level and prices ………………………………………………………. 9
4. 2.4. Consumer behaviour as policy questions …………………………………………………………… 11
5. Review questions …………………………………………………………………………………………………. 12
3. 3. Demand and supply analysis, market equilibrium ………………………………………………………….. 13
1. 3.1. Market demand function and market demand curve ……………………………………………. 13
1.1. 3.1.1. Market demand curve ……………………………………………………………………….. 13
1.2. 3.1.2. Change in quantity of demand versus change in demand ……………………….. 13
2. 3.2. Market supply function and market supply curve ……………………………………………….. 14
2.1. 3.2.1. Market supply curve …………………………………………………………………………. 14
2.2. 3.2.2. Change in quantity of supply and change in supply ………………………………. 15
3. 3.3. Market equilibrium …………………………………………………………………………………………. 15
4. 3.4. Factors and trends in global food demand and supply …………………………………………. 17
5. Review questions …………………………………………………………………………………………………. 19
4. 4. Measurement and interpretation of elasticities of demand ………………………………………………. 20
1. 4.1. Elasticities of demand …………………………………………………………………………………….. 20
2. 4.2. Cross price elasticity and income elasticity ………………………………………………………… 21
3. 4.3. Effect of elasticity on revenue and tax ………………………………………………………………. 22
4. 4.4. Some empirical examples ………………………………………………………………………………… 23
5. Review questions …………………………………………………………………………………………………. 25
5. 5. Business organization ………………………………………………………………………………………………… 26
1. 5.1. Characteristics of business firms ………………………………………………………………………. 26
2. 5.2. Forms of business organizations ………………………………………………………………………. 26
3. 5.3. Business organizations in agriculture ………………………………………………………………… 27
4. Review questions …………………………………………………………………………………………………. 28
6. 6. Introduction to production and resource use ………………………………………………………………….. 29
1. 6.1. The production function ………………………………………………………………………………….. 29
2. 6.2. Total, avarage and marginal product …………………………………………………………………. 29
3. 6.3. Isoquants ………………………………………………………………………………………………………. 32
4. 6.4. Optimal input combination ………………………………………………………………………………. 33
5. 6.5. Factors of production in agriculture ………………………………………………………………….. 34
6. Review questions …………………………………………………………………………………………………. 34
7. 7. Costs in agricultural production …………………………………………………………………………………… 36
1. 7.1. Basic concepts of production costs …………………………………………………………………… 36
2. 7.2.Cost functions ………………………………………………………………………………………………… 37
3. 7.3. Factors and trends of production costs in agriculture …………………………………………… 40
4. Review questions …………………………………………………………………………………………………. 42
8. 8. Market equilibrium and product price: perfect competition …………………………………………….. 43
1. 8.1. Characteristics of perfect competition ……………………………………………………………….. 43
2. 8.2. Supply behaviour of competitive firms ……………………………………………………………… 43
3. 8.3. Supply behaviour in competitive market ……………………………………………………………. 46
4. 8.4. Producer surplus …………………………………………………………………………………………….. 46
5. 8.5. Agriculture and the purely competitive market model …………………………………………. 48
6. Review questions …………………………………………………………………………………………………. 48
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9. 9. Monopoly and imperfect competition …………………………………………………………………………… 49
1. 9.1. Monopoly ……………………………………………………………………………………………………… 49
1.1. 9.1.1. The profit maximization condition ……………………………………………………… 49
2. 9.2. Oligopoly ……………………………………………………………………………………………………… 51
3. 9.3. Monopolistic competition ……………………………………………………………………………….. 53
4. 9.4. Quantitative metrics to describe the structure of a market ……………………………………. 53
5. Review questions …………………………………………………………………………………………………. 54
10. 10. Government intervention ………………………………………………………………………………………… 55
1. 10.1. Forms of government interventions ………………………………………………………………… 55
2. 10.2. Taxes ………………………………………………………………………………………………………….. 56
2.1. 10.2.1. Incidence of a tax ……………………………………………………………………………. 56
3. 10.3. Subsidies …………………………………………………………………………………………………….. 58
4. 10.4. Government interventions and agriculture ……………………………………………………….. 59
5. Review questions …………………………………………………………………………………………………. 62
11. 11. National output and agriculture ……………………………………………………………………………….. 63
1. 11.1. National output and gross domestic product …………………………………………………….. 63
1.1. 11.1.1. Production approach ……………………………………………………………………….. 64
1.2. 11.1.2. Expenditure approach ……………………………………………………………………… 65
1.3. 11.1.3. Income approach …………………………………………………………………………….. 65
2. 11.2. GDP versus GNI ………………………………………………………………………………………….. 66
3. 11.3. Difference between the concept of gross and net ………………………………………………. 66
4. 11.4. Agricultural output ……………………………………………………………………………………….. 66
5. 11.5. Performance of agriculture in the world …………………………………………………………… 68
6. Review questions …………………………………………………………………………………………………. 70
12. 12. Consequences of business fluctuations in agriculture ………………………………………………….. 71
1. 12.1. Fluctuations of macroeconomic activity ………………………………………………………….. 71
2. 12.2. Business cycles …………………………………………………………………………………………….. 71
3. 12.3. Fluctuations, business cycles and economic theory …………………………………………… 73
4. 12.4. Economic fluctuations, business cycleand agriculture ……………………………………….. 73
5. Review questions …………………………………………………………………………………………………. 75
13. 13. Agriculture and international trade …………………………………………………………………………… 76
1. 13.1. Production possibility frontier ………………………………………………………………………… 76
2. 13.2. Comparative advantage and international trade ………………………………………………… 76
3. 13.3.The Heckscher–Ohlin model …………………………………………………………………………… 77
4. 13.4. The effects of trade protection ………………………………………………………………………… 78
5. 13.5. Global agricultural trade policy and evolving world production and trade patterns .. 80
6. Review questions: ………………………………………………………………………………………………… 82
14. 14. Agriculture and environment …………………………………………………………………………………… 84
1. 14.1. Externalities ………………………………………………………………………………………………… 84
2. 14.2. Theoretical solutions to internalisation of externalities ………………………………………. 86
3. 14.3.Agriculture and environmental taxation ……………………………………………………………. 87
4. 14.4. Policy options for incorporating environmental values into economic decisions …… 88
5. Review questions …………………………………………………………………………………………………. 89
15. 15. Developing countries and agriculture ……………………………………………………………………….. 90
1. 15.1. The notion of developing countries …………………………………………………………………. 90
2. 15.2. Population growth ………………………………………………………………………………………… 91
3. 15.3. Resources of development …………………………………………………………………………….. 91
4. 15.4. Agriculture in developing countries ………………………………………………………………… 93
5. Review questions: ………………………………………………………………………………………………… 95
16. Bibliography ………………………………………………………………………………………………………………. 96

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