ECON5003 Microeconomic Theory for Agricultural and Environmental Economics
- 6 points
- This unit focuses on advanced concepts in agricultural and applied economics and uses a formal approach to concepts. Real-world applications are used as a motivation but rather than the interpretation of results, it is the derivation of results that is emphasised. The focus of the first half of the unit is on deriving the key insights from modelling individuals as utility maximising agents and firms as profit maximising entities. Applications that allow the measurement of welfare gains from trade are emphasised. Models of production under discrete time and continuous time are then considered, as are production efficiency measures. The final part of the unit focuses on the theory that underlies models that seek to establish values for goods with no observable market price.
- Students are able to (1) derive the key properties of demand and production functions; (2) measure the gains from trade, and understand the impact assumptions make when measuring the gains from trade; (3) understand how to model production dynamics; and (4) understand the assumptions of the random utility model.
- Indicative assessments in this unit are as follows: (1) assignments and (2) examination. Further information is available in the unit outline.
Supplementary assessment is not available in this unit.
- Unit Coordinator(s)
- Dr Chunbo Ma
- Unit rules
- AGRI4402 Agribusiness
ECON4002 Core Concepts in Agricultural and Applied Economics
ECON3302 Applied Microeconomics
- Contact hours
- One hour weekly contact through tutorials.
- The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
- All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
- Books and other material wherever listed may be subject to change. Book lists relating to 'Preliminary reading', 'Recommended reading' and 'Textbooks' are, in most cases, available at the University Co-operative Bookshop (from early January) and appropriate administrative offices for students to consult. Where texts are listed in the unit description above, an asterisk (*) indicates that the book is available in paperback.