This unit of study is designed to provide an understanding of the underlying forces driving agricultural markets. It addresses price analysis and efficiency, including aspects of form, time and space in agricultural marketing; information and contracts; changing consumer concerns (food safety, ethical production); futures market and other risk sharing devices. Building on the application of microeconomic theory to both production and consumption in agricultural markets, its content is analytical. The unit also investigates some of the forces which prevent the efficient operation of world agricultural markets, including impediments to trade, imperfect markets for inputs and outputs and market power along the agricultural supply chain.
1x2hr lecture/week, 1x1hr tutorial/week
1000wd equivalent problem sets (30%), 1x1500wd essay (30%), 1x2hr final exam (40%)
AREC2005 or AREC2001 or AGEC2103 or ECOS2001 or ECOS2901