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Agricultural Price Analysis
AGB PRICE ANAL
CLASS CODE: AGBUS 430 CREDITS:  3
DIVISION: AGRICULTURAL AND LIFE SCIENCES
DEPARTMENT: AGRICULTURE BUSINESS SCIENCE & TECHNOLOGY
GENERAL EDUCATION: This course does not fulfill a General Education requirement.

CATALOG DESCRIPTION: Application of statistical tools for price analysis. Emphasis on price making process for specific agricultural commodities
DESCRIPTION: Application of statistical tools for price analysis. Emphasis on price making process for specific agricultural commodities. Utilization of market reports and production estimate data in price forecasting and analysis. Applications to all agricultural products.
TOPICS: * Principles of price determination.
* Basic price models and relationships.
* Movements in prices.
* Demand elasticities and elated coefficients.
* Supply relationships in agriculture.
* Price determination: Theory and Practice.
* Price difference and variability.
* Marketing margins for farm products.
* Price differences associated with quality.
* Spatial price relationships..
* Price variation through time.
* General level of farm prices and farm-nonfarm price relationships.
* Functions of commodity futures markets.
* Government intervention of pricing farm products.
* Using results of price analysis.
OBJECTIVES: The major objective of this course is to acquaint the student with movements and trends of agricultural market prices. Students in this course will be able to:
* Understand the advanced modeling and concepts of the basic models of demand and supply.
* Identify factors that influence production and consumption of specific agricultural commodities.
* Apply relative statistical practices to the price model and develop predictions or forecasts for future prices.
* Apply advanced economic and statistical concepts to explaining the models and price behavior.
REQUIREMENTS:
PREREQUISITES: Senior standing, a statistics course, or consent of instructor.
OTHER:
EFFECTIVE DATE: August 2003