Notes on agricultural economics and marketing
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Vision i
Mission i
Quality Policy ii
Title Page iii
Foreword iv
Acknowledgment v
About the Author vi
Table of Contents vii
List of Tables ix
List of Figures x
Module 1: Fundamentals of Agricultural Economics 1
Module Pretest 2
Lesson 1.1: Definition of Agricultural Economics 3
Lesson 1.2: Scope of Agricultural Economics 6
Lesson 1.3: Nature of Agricultural Economics 10
Module Post-test 13
References and Additional Resources 14
Answers to the Pretest/Posttest 15
Module 2: Basic Concepts and Principles of
Agricultural Economics 16
Module Pre-test 17
Lesson 2.1: Basic Concepts of Agricultural Economics 18
Lesson 2.2: Agricultural Economics Principles 31
Module Posttest 44
References and Additional Resources 45
Answers to the Pretest/Posttest 46
Module 3: Theory of Demand, Supply, and Market
Equilibrium 47
Module Pretest 47
Lesson 3.1: The Theory of Demand 49
Lesson 3.2: The Theory of Supply 60
,vii AGSC12: Agricultural Economics and Marketing
i
Lesson 3.3 The Market Equilibrium 71
Module Post-test 76
References and Additional Resources 78
Answers to the Pretest and post-test: 79
Course Information for AGSC12 80
, For instructional purposes only * 1st Semester SY 2020-2021 ix
List of Tables
1 The difference between needs and wants ................................... 19
2 Description of the different types of products in the economy ... 20
3 Types of goods ......................................................................... 20
4 Description of wealth ................................................................ 22
5 Total and Marginal Returns of three (3) productive enterprises
given a fixed capital .................................................................. 34
6 Investment presentation based on the principle of equimarginal
return ....................................................................................... 36
7 Summary of key principles in agricultural economics................. 41
8 Demand Schedule for Rice (kg) per week.................................. 50
9 Practice exercise applying arc elasticity of demand
formula .................................................................................... 55
10 Supply schedule for Rice (kg) per week .................................... 61
11 Determination of market equilibrium price and quantity ............. 72
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