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AGEC 317 Economic Analysis for Agribusiness and Management
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About Your Instructor Dr. Oral Capps, Jr., Executive Professor Office:330 B Blocker Building Phone:979-845-8491 E-mail:ocapps@tamu.edu ocapps@tamu.edu Office hours:TR 9:30 a.m. to 10:30 a.m. TR 3:30 p.m. to 5:00 p.m. TR 3:30 p.m. to 5:00 p.m. W 9:30 a.m. to Noon W 9:30 a.m. to Noon W 1:30 p.m. to 3:30 p.m. W 1:30 p.m. to 3:30 p.m. or by appointment
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About Your Instructor, (con’t) Ph.D., Agricultural Economics, Virginia Tech, 1979 M.S., Statistics, Virginia Tech, 1979 M.S., Agricultural Economics, Virginia Tech, 1977 B.S., Mathematics, Virginia Tech, 1975 Research areas: applied microeconomics, agricultural marketing, food distribution, and applied econometrics. Co-Director, The Agribusiness, Food, and Consumer Economics Research Center (AFCERC) Webpage: http://agecon2.tamu.edu/people/faculty/capps-oral Holder of the Southwest Dairy Marketing Endowed Chair (since September 2001).
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Your TA: Section 501 Office:E-mail:Telephone: Office hrs: Office hrs: TBA
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Your TA: Section 502 Office:E-mail:Telephone: Office hrs: Office hrs: TBA
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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 (Reference only): Managerial Economics, Twelfth edition by Mark Hirschey (Chapters 1-9 and 16)
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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
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Topics RRRReview of Key Algebraic Concepts/Calculus DDDDemand Analysis DDDDemand Estimation RRRRisk Analysis RRRRegression (Estimation and Inference) FFFForecasting OOOOptimization via the use of Calculus LLLLinear Programming
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Key Dates EEEExam 1: September 30 EEEExam 2: October 28 EEEExam 3: December 2 CCCClass Project Team Selection: September 24 LLLLast Day to Q-drop: November 5 BBBBonfire 1999 Remembrance Day: November 18 CCCClass Project Due: November 24 TTTThanksgiving Holiday: November 25-26 LLLLast Day of Fall Semester classes: December 7 FFFFinal Exam Days for AGEC 317: December 10 or December 15
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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 Make projections or forecasts Understand decision-making under uncertainty Ability to communicate quantitative results to decision-makers
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Evaluation of Student Performance Exam 1100 pts Exam 2100 pts Exam 3100 pts Class Project 100 pts Daily Review Questions Bonus Points (up to 40 pts) Final Exam (Cumulative) Optional
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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 diligently on the class project Check material on my webpage
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Help Sessions For Exam 1September 297:30 p.m. to 9:00 p.m., 149 BLOC For Exam 2October 277:30 p.m. to 9:00 p.m., 149 BLOC For Exam 3December 17:30 p.m. to 9:00 p.m., 149 BLOC Help sessions also are scheduled every Wednesday evening beginning September 8 from 7:30 p.m. to 9:00 p.m. in 149 BLOC
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Can We Study in a Group? Yes!!! Studying in a group is encouraged. For the class project, working in a team of five individuals is required. But... You take individual responsibility for learning the material Make sure YOU can do the assignments The assignments are very similar to in-class test questions
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