|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.|
|DESCRIPTION:||Application of statistical tools for price analysis. Emphasis on price making process for specific agricultural commodities|
|CONTENT AND TOPICS:||Utilization of market reports and production estimate data in price forecasting and analysis.
* 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.
|GOALS AND OBJECTIVES:||1. Become acquainted with movements and trends of agricultural market prices. (both inputs and outputs).
2. Understand the different forces that influence the level and behavior of product prices.
3. Be introduced to empirical studies and empirical techniques of analyzing the prices, movements, and trends of related agriculture products.
4. Understand the advanced modeling and concepts of the basic models of demand and supply.
5. Identify factors that influence production and consumption of specific agricultural commodities.
6. Develop a price model of a selected agricultural commodity, identifying the alternative factors that influence a commodity.
7. Apply relative statistical practices to the price model and develop predictions or forecasts for future prices.
8. Apply advanced economic and statistical concepts to explaining the models and price behavior.
|PREREQUISITES:||Senior standing, a statistics course, or consent of instructor.|
|EFFECTIVE DATE:||August 2003|