Markets, Firms and Consumers
You’ll the be introduced to the world of microeconomics and extend your knowledge by applying these concepts to real world problems in the food and agricultural sectors.
|Prerequisites and Restrictions|| You must satisfy the following requirement(s):
|Available semesters||Semester 2 2023|
What you will learn
After successfully completing this course, you’ll be able to:
- Understand the main economic concepts of product supply, including production response, cost analysis and optimal output levels.
- Know the main economic concepts of consumer demand, particularly as they relate to food products.
- Explain how market prices and quantities are determined under a variety of market structures.
- Recognise how risk and uncertainty can impact production decisions.
- Understand how agricultural and trade policies contribute to global welfare and food security.
- Relate how consumer preference affects producer decision-making on production.
- Estimate and interpret elasticities.
- Develop and estimate a simple model of consumer demand for an agricultural product.
- Use a variety of decision rules to make production and investment decisions in an uncertain environment.
- Read diagrams to examine the welfare effects of government policies and international trade.
Dr Wei Yang
Department of Global Value Chains and Trade[email protected]