ELEMENTARY PRODUCTION ECONOMICS

2(2-0)

After completing the course, students will be able to understand the theoretical core of production economics.

Definition and scope of agricultural production economics; Assumptions of static and dynamic production economics, production relationships, i.e. Factor-product relationships, factor-factor relationship and product-product relationships; economic decision making under various production relationships; costs of production, returns to scale, technological change, resource allocation. Text Books 1. Debertin, D.L 1986. Agricultural Production Economics. McMillan Publishing Company, New York. 2. Beatie, B. R. Taylor, C. R., and Myles, W.J. 2009. The Economics of Production. Krieger Publishing Company, New York. Recommended Book 3. Doll, J.P. and Orazem, F. 1992. Production Economics: Theory with Applications, Second Edition, Krieger Publishing Company, New York.