Agricultural Production Economics - University of Kentucky

1 _____. Agricultural Production Economics Second Edition David L. Debertin _____. Agricultural Production Economics Second Edition Agricultural Production Economics (Second Edition, Amazon Createspace 2012) is a revised edition of the Textbook Agricultural Production Economics published by Macmillan in 1986 (ISBN 0-02-328060-3). This is a free pdf download of the entire book. As the author, I own the copyright. Amazon markets bound print copies of the book at at a nominal price for classroom use. The book can also be ordered through college bookstores using the following ISBN numbers: ISBN-13 978-1469960647. ISBN-10 1469960648. The format and coverage remains similar to the first edition, many small revisions and updates have been made. All graphs have been redrawn using the latest in computer imaging technology.

2 The book contains a comprehensive treatment of the traditional Agricultural Production Economics topics employing both detailed graphics and differential calculus. The text focuses on the neoclassical factor-product, factor-factor and product- product models, and is suitable for an advanced undergraduate or a beginning graduate-level course in static Production Economics . Chapters also deal with linear programming, risk and uncertainty and intertemporal resource allocation. A basic knowledge of differential calculus is assumed. Individual chapters are largely self- contained, and the book is suitable for instruction at a variety of levels depending on the specific needs of the instructor and the mathematics background of the students. This is one of three Agricultural Economics textbooks by David L.

3 Debertin. A companion 100-page color book Agricultural Production Economics (The Art of Production Theory) is also a free download. A bound print copy is also available on at a nominal cost under the following ISBN numbers: ISBN- 13: 978-1470129262. ISBN- 10: 1470129264. The third book is aimed at upper-division undergraduate students of microeconomics in Agricultural Economics and Economics . It is a 242-page book titled Applied Microeconomics (Consumption, Production and Markets). and is a free download. Bound print copies are also available at and through college bookstores at a nominal cost under the following ISBN numbers: ISBN 13: 978 1475244342. ISBN-10: 1475244347. This book Applied Microeconomics is much newer than Agricultural Production Economics , having been completed in 2012. As the author, I would suggest downloading and studying this Applied Microeconomics book before diving into Agricultural Production Economics .

4 This book uses spreadsheets to calculate numbers and draw graphs. Many of the examples and numbers are the same ones used in Agricultural Production Economics , so the two books are tied to each other. If you have difficulty accessing or downloading any of these books, or have other questions, contact me at the email address, below. David L. Debertin Professor Emeritus University of Kentucky Department of Agricultural Economics Lexington, Kentucky , 40515-0276. David L. Debertin is Professor Emeritus of Agricultural Economics at the University of Kentucky , Lexington, Kentucky and has been on the University of Kentucky Agricultural Economics faculty since 1974 with a specialization in Agricultural Production and community resource Economics . He received a and an degree from North Dakota State University , and completed a in Agricultural Economics at Purdue University in 1973.

5 He has taught the introductory graduate-level course in Agricultural Production Economics in each year he has been at the University of Kentucky . The first edition of Agricultural Production Economics was published in hardback by Macmillan in 1986. He began work on the second edition of the book after the Macmillan edition went out of print in 1992, taking advantage of emerging two-and three-dimensional computer graphics technologies by linking these to the calculus of the modern theory of Production Economics . The book has been edited and revised each year since 1992. All diagrams and figures benefit from improved computer technology since the first edition was written. The current edition also includes two chapters on contemporary Production theory that were not part of the first edition.

6 Agricultural Production Economics SECOND EDITION. DAVID L. DEBERTIN. Agricultural Production Economics SECOND EDITION. David L. Debertin University of Kentucky First edition 1986 Macmillan Publishing Company, a division of Macmillan Inc Pearson Education Corporate Editorial Offices One Lake Street Upper Saddle River, USA 07458. (First edition copyright returned to author, 1992). Second edition 2012 David L. Debertin David L. Debertin University of Kentucky , Department of Agricultural Economics 400 Bldg. Lexington, KY 40546-0276. All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, without permission from the author. Library of Congress Cataloging in Publication Data First edition (1986). Debertin, David L. Agricultural Production Economics Bibliography:p 1.

7 Agricultural Production Economics 2. Agriculture economic aspects Econometric models 1. Title. 1986 '0724 85-13918. ISBN 0-02-328060-3. Second edition (2012). Debertin, David L. Agricultural Production Economics Bibliography:p 1. Agricultural Production Economics 2. Agriculture economic aspects Econometric models ISBN-13 978-1469960647. ISBN-10 1469960648. To Tanya, Kyle and Tamara Preface (Second Edition). Agricultural Production Economics (Second Edition) is a revised edition of the Textbook Agricultural Production Economics published by Macmillan in 1986 (ISBN 0-02-328060-3). Although the format and coverage remains similar to the first edition, many small revisions and updates have been made. All graphs have been redrawn using the latest in computer imaging technology. The book contains a comprehensive treatment of the traditional Agricultural Production Economics topics employing both detailed graphics and differential calculus.

8 The text focuses on the neoclassical factor-product, factor-factor and product-product models, and is suitable for an advanced undergraduate or a beginning graduate-level course in static Production Economics . Chapters also deal with linear programming, risk and uncertainty and intertemporal resource allocation. Two new chapters have been added dealing with contemporary Production theory in the factor and product markets. A basic knowledge of differential calculus is assumed. Individual chapters are largely self-contained, and the book is suitable for instruction at a variety of levels depending on the specific needs of the instructor and the mathematics background of the students. David L. Debertin University of Kentucky Department of Agricultural Economics 400 Bldg. Lexington, KY, 40546-0276.

9 Agricultural Production Economics SECOND EDITION. Table of Contents Chapter 1. Introduction .. 1. Economics 2. The Logic of economic 2. economic Theory as 3. economic Theory Versus economic 3. Representing economic Relationships .. 4. Consumption Versus Production Economics .. 4. Microeconomics Versus 5. Statics Versus Dynamics .. 6. Economics Versus Agricultural Economics .. 7. Agricultural Production Economics .. 7. The Assumptions of Pure 8. Why Retain the Purely Competitive 10. Concluding Comments .. 10. Questions for Thought and Class Discussion .. 12. 12. Chapter 2. Production With One Variable 13. What Is a Production Function .. 14. Fixed Versus Variable Inputs and the Length of Run .. 17. The Law of Diminishing Returns .. 19. Marginal and Average Physical Product .. 21. MPP and the Marginal Product Function.

10 22. A Neoclassical Production Function .. 26. MPP and APP for the Neoclassical Function .. 28. Sign, Slope and Curvature .. 29. A Single-Input Production 33. Elasticities of Production for a Neoclassical Production 35. Further Topics on the Elasticity of 36. Concluding Comments .. 37. Problems and Exercises .. 37. Chapter 3. Profit Maximization with One Input and One Output .. 39. Total Physical Product Versus Total Value of the Product .. 40. Total Factor or Resource Cost .. 41. Value of the Marginal Product and Marginal Factor 41. Equating VMP and MFC .. 43. Calculating the Exact Level of Input Use to Maximize Output or Profits .. 45. General Conditions for Profit Maximization .. 51. Necessary and Sufficient 52. The Three Stages of the Neoclassical Production Functiom .. 52. Further Topics on States of Production .