AGEC 317 ECONOMIC ANALYSIS FOR AGRIBUSINESS AND MANAGEMENT

ABOUT YOUR INSTRUCTOR Dr. Oral Capps, Jr., Executive Professor, Regents Professor & Co-Director of The Agribusiness, Food and Consumer Economics Research Center (AFCERC) Office:371C AGLS Building Phone: Office hours:TR 9:30 a.m. to 10:30 a.m. Thurs 3:30 p.m. to 5:00 p.m. MW 9:30 a.m. to Noon MW 1:30 p.m. to 3:30 p.m. or by appointment ( )

TA INFORMATION: TBA Office: Telephone: Office hrs:

AGEC 317 Goals:  Better understand managerial and economic issues in agribusiness management  Provide exposure in using formal quantitative analysis to solve economic problems  Provide a differentiated product in analyzing real world problems and gain confidence in thinking like an economic or business analyst Textbooks (REQUIRED):  Managerial Economics, Twelfth edition by Mark Hirschey (Chapters 1-9 and 16)

PREREQUISITES FOR AGEC 317 AGEC 217 MATH 142 or equivalent STAT 303 or equivalent ECON 323 or equivalent Junior or Senior classification, AGEC or AGBU majors

ORDERING SAS FOR YOUR PERSONAL COMPUTER To order SAS for your personal computer go to and download the Student SAS Order Form. You must complete the form and return it to the Texas A&M Software Center. Computing Services Center, Room 1105 Phone: Fax:

TOPICS Review of Key Algebraic Concepts/Calculus Univariate Optimization – Use of Calculus Demand Analysis Risk Analysis Regression (Estimation and Inference) Forecasting Use of SAS Multivariate Optimization – Use of Calculus Linear Programming

KEY DATES  Exam 1: October 3  Exam 2: November 7  Final Exam: December 6 (501); December 11 (502)  Class Project Team Selection: October 4  Last Day to Q-drop: November 15  Bonfire 1999 Remembrance Day: November 18  Class Project Due: November 27  Thanksgiving Holiday: November  Last Day of Fall Semester classes: December 3

SPECIFIC EXPECTATIONS Understand demand and supply relationships Solve optimization problems (either calculus-based or linear programming) Conduct regression analysis and interpret results Conduct tests of hypotheses within a regression analysis Use the SAS software package for regression analysis Make projections or forecasts Understand decision-making under uncertainty Ability to communicate quantitative results to decision-makers

EVALUATION OF STUDENT PERFORMANCE Exam 1100 pts Exam 2100 pts Final Exam (Cumulative)100 pts Class Project 100 pts Daily Review Questions Bonus Points (up to 40 pts)

STEPS TOWARD SUCCESS Have a positive attitude!!! Come to lectures, class participation Review lecture notes Speak up in class if you are confused or require clarification on concepts Come to help sessions Work early on and diligently on the class project Check material on my webpage or on ecampus

HELP SESSIONS Exam 1October 27:00 p.m. to 9:00 p.m., AGLS 115 Exam 2November 67:00 p.m. to 9:00 p.m., AGLS 115 Final ExamDecember 47:00 p.m. to 9:00 p.m., AGLS 115 Help sessions also are scheduled every Wednesday evening beginning September 4 from 7:00 p.m. to 9:00 p.m. in AGLS 115

CAN WE STUDY IN A GROUP? Yes!!! Studying in a group is encouraged. For the class project, working on a team of three individuals is required. But... o You take individual responsibility for learning the material o Make sure YOU can do the assignments o The assignments are very similar to in-class test questions o Avoid the “free-rider” problem