AGEC 217 Section 901
Submitted: February 24, 2016
Spring 2016, Menzies
Food assistance programs in the United States first began around 1933, with the
establishment of food stamps coming soon after in 1939. In over 80
Due day: 3/17
I. Multiple choice question
01) A special license is required to operate a taxi in many cities. The number of
licenses is restricted.
77 years ago, we introduced our first food program into the United States and with many corrections, we
are still running a food program today. This program is now called the Supplemental Nutrition Assistance Program,
otherwise known as SNAP. It has been
Dr. Chien-Ho Wang
November 16 , 2009
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1 (60%; , 5 )
1. Which of the following statements is NOT true?
(a). AC = AFC + AVC
(b). AFC = AC AVC
(c). AVC = wage/MPL
(d). TC =T FC + TVC
Gage A. Frank
3224 Travis Cole Ave.
College Station, TX 77845
4355 high noon
Bulverde, TX 78163
Texas A&M University, College Station TX
Bachelor in Agricultural Economics
Trends in US Agriculture
Where is agriculture going? Once we understand where it is going it gives us a better idea
of where the ag economy is going.
Changes in the Economic Size Classes of Farms
The number of farms is decreasing
The total amount o
The Farm and Food System
Family farms are incorporated for three reasons:
- A corporate form of organization can be used to transfer farms to others at a
lower cost that other forms of business organization
- Employee benefits such as social security and
Production Costs and Supply and Price Determination for Agricultural Economics
Explicit Cost: Cost that have been incurred when money is spent to hire labor, repair
machinery, buy seed, fuel for which cash expenditures are made.
Implicit Cost: A cost that
Quiero a mi papi! (I want my daddy!), I would cry every morning as I saw my father fade away into
the distance as he ran to catch the bus. I remember as if it was yesterday, my grandma holding me close whispering
to my ear No llores, ya
Agricultural Competition and Markets
Competition and the Market
Price Taker: A firm must take the market price of a commodity thus having no influence
on the price per unit that the firm sells.
Normal Profits: Profits that occur to the firm because each r
Agricultural Economic Analysis vs Business Economics
Agricultural Economics vs Economics What is the difference?
Agricultural Economics an applied social science dealing with how humans choose to
use technical knowledge scarce productive resources such as
Behavior and Demand
Utility: Satisfaction from consumption.
Marginal Utility: Additional satisfaction from consumption
Law of Diminishing Marginal Utility: When someone consumes an additional amount of
a good, assuming the consumption
Defining Rural Regions
Rural: (Gov.) everything that is not urban
Urban: (prior to 2000) any incorporated municipality with population of 2,500 or greater
Urban: (2000) total population defined within an urbanized cluster or urbanized area
Rural: (2000) t
How do agricultural industries differ from other industries?
If ag economics is different from regular economics, as we talked about last class, it
would make sense that the ag industry is different from other industries. Food and fiber
are very important
Introduction to Agriculture Economics Analysis
Agricultural Economics: An applied social science dealing with how humans choose to
use technical knowledge and scare productive resources such as land, labor,
capital, and management to produce food and fibe
Producer Decision Making and Single Variable Input Functions
Production: A process by which resources are transformed into products and services that
are usable by consumers.
Resource: A factor that can be used to produce a product that can satisfy a huma
Producer Decision Making and Two Variable Inputs
Isoquant: A curve that shows all combinations of the two variable inputs that can be used
to produce a given quantity of output.
Resource Substitution: The technical relationship that occurs when one input