Agricultural economics applies economic theory to optimize production, distribution, and consumption in the agricultural sector, focusing on managing scarce resources like land, labor, and capital to maximize profit. Key principles include supply and demand analysis, marginal cost/benefit decision-making, production economics, and risk management, which help address issues like food security and price volatility. Since land, labor, and capital are limited, farmers must determine the most efficient allocation to maximize production and income. Production Economics & Theory uses concepts like the Law of Variable Proportions (production functions) to determine how to produce efficiently. Supply and Demand analyses market mechanisms, price determination, and the behavior of consumers and producers regarding food and agricultural goods. Marginal Analysis decisions are made at the margin (marginal cost vs. marginal benefit) to optimize input usage and maximize profit.
Dr. Derek G. Brewin is the Dean of Research at the Faculty of Business and Law at Curtin University. He is an agricultural and development economist with a strong track record in interdisciplinary research and development, often working with international organisations and collaborating across diverse geographical contexts. His work focuses on agribusiness and supply chain development and economics, behavioural economics, rural transformation and development, productivity and technical efficiency analysis, risk management and decision-making, technology adoption and farmer behaviour under risk and uncertainty, climate change impacts and adaptation, and gender, poverty and food security. Dr. Derek has led and managed several research and development projects with multidisciplinary teams in Australia and internationally. His work spans more than 20 countries in the Asia-Pacific region and Africa, including Australia, India, Nepal, Bangladesh, Pakistan, Bhutan, China, Mongolia, Indonesia, Thailand, Vietnam, Malaysia, the Philippines, Kenya, South Africa, Malawi, and Tanzania, amongst others. He has been a consultant for the Food and Agriculture Organization of the United Nations (UN-FAO), UN Economic and Social Commission for Asia and the Pacific (UN-ESCAP), the International Rice Research Institute (IRRI), the Asian Development Bank (ADB), the Australian Centre for International Agricultural Research (ACIAR) and the WA Government. His work typically addresses development challenges at the interface of agriculture, food security, economics, and inclusive growth. Prior to joining Curtin University, he was Deputy Director of the Centre for Agricultural Economics and Development and Associate Professor in the Department of Agricultural and Resource Economics at the University of Western Australia. He also previously held various academic and leadership roles at Curtin University, including Deputy Dean of Research and Development and Director of Higher Degree by Research at Curtin Business School. Dr. Derek holds a Bachelor of Science in Agricultural Economics (honours, cum laude) from the University of the Philippines at Los Baños, a Masters degree in Economics and PhD in Agricultural Economics from the University of New England.
Preface 1. INTRODUCTION TO AGRICULTURAL ECONOMICS..........................1 1.1 Why Study Agricultural Economics? 1.2 Scope Of Economics 1.3 Definition Of Economics 1.4 Alternative Economic Systems 1.5 Definition Of Agricultural Economics 1.6 Graphical Analysis 1.7 Understanding Agricultural Economics 1.8 Challenges In Agricultural Economics 1.9 Future Trends In Agricultural Economics 2. MARKET PRICE DETERMINATION........................................................27 2.1 Markets 2.2 Demand And Supply 2.3 Price Determination 2.4 Changes In Supply And Demand 3. FIRM THE PRODUCTION UNIT..............................................................42 3.1 Perfectly Competitive Markets 3.2 The Perfectly Competitive Firm 3.3 Production 3.4 The Production Function 4. COSTS AND OPTIMAL OUTPUT ..........................................................54 4.1 Environment Of The Firm 4.2 Optimal Output Level 5. SUPPLY, MARKET AND DEMAND..........................................................70 5.1 Supply Curve Of The Firm 5.2 Market Supply 5.3 Market Adjustments 5.4 Profit-Maximizing Input Use 6. IMPERFECT COMPETITION AND GOVERNMENT REGULATION................................................................83 6.1 Market Structure 6.2 Perfect Competition 6.3 Pure Monopoly 6.4 Monopolistic Competition 6.5 Oligopoly 6.6 Government Regulation 7. THEORY OF CONSUMER BEHAVIOR.................................................105 7.1 The Law Of Demand 7.2 Real Income And Substitution Effects 7.3 Market Demand And Individual Demand 7.4 The Market Demand Function 8. ELASTICITY..............................................................................................116 8.1 Elasticity Of Demand 8.2 Cross-Price Elasticity 8.3 Income Elasticity 8.4 Elasticity Of Supply 8.5 Price Discrimination 9. MONEY AND FINANCIAL INTERMEDIARIES.............................................................132 9.1 What Is Money? 9.2 What Backs Money? 9.3 The Money “Supply” 9.4 Financial Markets 10. THE CIRCULAR FLOW OF INCOME...................................................150 10.1 Final Goods 10.2 The Circular Flow 10.3 Gross Domestic Product And National Income 10.4 The Circular Flow By Economic Sector 10.5 The Role Of Financial Intermediaries 11. MONETARY POLICY ..............................................................................175 11.1 The Money Supply And Economic Activity 11.2 Implementing Monetary Policy 11.3 Summary Of Monetary Policy 12. FISCAL POLICY ......................................................................................192 12.1 Debt And Deficits 12.2 The Classical School 12.3 The Keynesian Revolution 13. INTERNATIONAL TRADE......................................................................206 13.1 Changing U.S. Trade Patterns 13.2 The Importance Of World Trade To U.S. Agriculture 13.3 Why Do Nations Trade? 13.4 Gains From Trade 13.5 Restraints To Trade 13.6 Foreign Exchange Markets 13.7 Trade Agreements 14. AGRICULTURAL POLICY..............
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