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| List of boxes | |
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| List of figures | |
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| List of tables | |
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| List of plates | |
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| Preface | |
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| Acknowledgments | |
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| List of abbreviations | |
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| Introduction to the economics of agriculture | |
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| Synopsis | |
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| Introduction | |
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| Economics is important and interesting! | |
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| What is economics, and what is it about? | |
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| Scarcity | |
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| The economic organization of society | |
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| A model of an economy | |
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| Trends in the agricultural economy | |
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| Using graphs | |
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| Absolute and relative prices | |
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| Examples of graphs | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| The economics of production | |
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| Synopsis | |
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| The production function | |
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| Length of time: immediate run, short run, and long run | |
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| Physical production relationships | |
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| The Law of Diminishing Marginal Returns | |
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| The three stages of production | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| The costs of production | |
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| Synopsis | |
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| Profits | |
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| Opportunity costs | |
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| Costs and output | |
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| Cost curve example: Vermont daily farmer | |
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| Where do cost curves come from? | |
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| Constant, decreasing, and increasing cost curves | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Profit maximization | |
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| Synopsis | |
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| Introduction | |
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| Perfect competition | |
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| The profit-maximizing level of input | |
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| The profit-maximizing level of output | |
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| Profits and losses, break even, and shutdown points | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Optimal input selection | |
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| Synopsis | |
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| Introduction | |
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| The relationship between inputs | |
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| Isoquants | |
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| Relative prices | |
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| Isoquant types | |
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| Optimal input decisions | |
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| Optimal responses to price changes | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Optimal output selection | |
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| Synopsis | |
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| Introduction | |
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| The Production Possibilities Frontier (PPF) | |
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| The Marginal Rate of Product Substitution (MRPS) | |
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| The isorevenue line | |
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| The optimal output combination | |
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| Price changes and the optimal output combination | |
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| Review of profit-maximization rules | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Consumer choices | |
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| Synopsis | |
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| Introduction | |
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| Rational behavior | |
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| Utility | |
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| The Law of Diminishing Marginal Utility | |
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| Indifference curves | |
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| The marginal rate of substitution (MRS) | |
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| The budget constraint | |
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| Consumer equilibrium | |
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| The demand for meat in Phoenix, Arizona | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Supply and demand | |
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| Synopsis | |
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| Introduction | |
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| Supply | |
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| The elasticity of supply | |
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| Change in supply; change in quantity supplied | |
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| Determinants of supply | |
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| Demand | |
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| The elasticity of demand | |
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| Change in demand; change in quantity demanded | |
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| Determinants of demand | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Markets | |
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| Synopsis | |
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| Introduction | |
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| What is a market? | |
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| Market equilibrium | |
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| Comparative statics | |
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| Price policies | |
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| Mathematical models (optional) | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| The competitive firm | |
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| Synopsis | |
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| Market structure | |
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| Characteristics of perfect competition | |
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| The perfectly competitive firm | |
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| The efficiency of competitive industries | |
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| Strategies for perfectly competitive firms | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Market power | |
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| Synopsis | |
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| Market power | |
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| Monopoly | |
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| Monopolistic competition | |
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| Oligopoly | |
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| Is big necessarily bad? | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Agriculture and the global economy | |
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| Synopsis | |
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| Gobalization and agriculture | |
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| Interdependence and gains from trade | |
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| Gains from trade example: Oklahoma beef and wheat | |
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| The principle of comparative advantage | |
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| Comparative advantage and trade | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Economics, agriculture, and the environment | |
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| Synopsis | |
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| Introduction | |
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| The tragedy of the commons | |
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| Externality | |
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| Private bargaining: Coase | |
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| Summary | |
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| Glossary | |
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| Review questions | |
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| Glossary | |
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| Index | |