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Introduction to Agricultural Economics

Introduction to Agricultural EconomicsEconomics examines: how scarce resources are allocated. how firms maximize profits. how market competition affects firms and consumers. the limitations of will examine some problems unique to agriculture which lead to The Farm DEMAND CURVE shows the quantity of a good demanded at various prices. Demand Curves have negative slopes. Goods more necessary to life usually have steeper slopes .QUANTITY DEMANDEDPRICEQ Demand for Good XdELASTICITY% change in Quantity Demanded% Change in PricePrice Elasticity =QINELASTIC DEMANDELASTIC DEMAND$$QQInelastic - little change in demand for a change in - small changes in price cause large demand more necessary to life ( , medicine, water) usually have less elastic demand (steeper slopes) than other of Agricultural Goods Demand for most farm products is inelastic. People can consume only so much then they are satiated. Even if price drops they will not buy much more. When demand is inelastic a drop in price that spurs more quantity being sold results in lower revenue and profit for the producer.

Introduction to Agricultural Economics Economics examines: • how scarce resources are allocated. • how firms maximize profits. • how market competition affects firms and consumers. • the limitations of markets. We will examine some problems unique to agriculture which lead to The Farm Problem.

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