208-345 Agricultural Management Economics

207-101 Land, Food and Resource Economics or 316-102 Introductory Microeconomics

The aim of this subject is for students of agricultural science and agricultural economics to understand the principles of management economics applied to the operation of agricultural business, to understand decision analysis under risk and uncertainty; be able to analyse investment and profitability of alternative resource uses in agricultural businesses, and evaluate business growth strategies.

The content of the subject is as follows:

• management;

• financial management;

• profit, cash flows and business structure;

• activity analysis;

• investment analysis;

• risk analysis;

• risk management.

A number of case studies will be completed.

A 3-hour examination (50%) and three 2000-word case study assignments (50% total). Students must achieve a minimum of 45% in the examination in order to pass the subject.

• L R Malcolm, J P Makeham and V Wright, The Farming Game: Agricultural Management and Marketing. CUP, 2005.