Course Outline AECO342 – PRODUCTION ECONOMICS AND FARM MANAGEMENT
- Introduction to Farm Management
- Farm management decision making process ? Production, operational, strategic, administrative and marketing management decisions.
- Basic concepts in farm management. Production, types of resources, choice indicators, costs, revenue, profit, total, average & marginal concepts.
- Factor – Product relationship – Production function – definition & types – linear, quadratic & Cobb- Douglas functions – Impact of technology.
- Law of diminishing returns – 3 regions of production
- Cost concepts & interrelations – Optimum level of input use and optimum production
- Economies of scale – external and internal economies and diseconomies – Returns to scale – Economies
- Factor – Factor relationship – Principle of substitution – isoquant, isocline
- Expansion path, ridgeline and least cost combination of inputs
- Product – Product relationship – types. Production possibility curve, iso revenue line and optimum combination of outputs
- Equi-marginal returns and Opportunity cost – comparative advantage
- Concepts of Risk and uncertainty – types of uncertainty in agriculture – anagerial decisions to reduce risks in production process
- Management of Important Farm Resources
- Farm Financial Analysis – Balance sheet – Income statement – Cash flow analysis – Ratio analysis
- Farm Investment Analysis – Time comparison principles – Discounted and undiscounted measures.
- Farm planning and control – Elements of planning, objectives, steps and formulation of farm plans – Farm level management information systems.
- Farm Budgeting ? partial, enterprise and complete budgeting.
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