ECON5003 Microeconomic Theory for Agricultural and Environmental Economics

Credit
6 points
Offering
(see Timetable)
AvailabilityLocationMode
Semester 2OnlineOnline
Content
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.
Outcomes
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.
Assessment
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
Prerequisites:
AGRI4402 Agribusiness
or
ECON4002 Core Concepts in Agricultural and Applied Economics
or
ECON3302 Applied Microeconomics
Contact hours
One hour weekly contact through tutorials.
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