Module Details

Module Code: ECON C2F02
Module Title: Agricultural Micro Economics
Title: Agricultural Micro Economics
Module Level:: 6
Credits:: 5
Module Coordinator: Stephen Whelan
Module Author:: Alison Hearne
Domains:  
Module Description: The aims of this module is to familiarise learners with the principles of micro-economics that relate to the farming and agricultural sector.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Demonstrate a knowledge of the principles of micro-economics and its applications to agricultural problems
LO2 Apply the principles of economics to the Micro agricultural sector
LO3 Construct diagrams to illustrate basis economic theories
LO4 Demonstrate an understanding of market structures, at a micro-economic level
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Additional Requisite Information
No Co Requisites listed
 
Indicative Content
Introduction
• An introduction to key micro economic principles • Introduction to Agricultural Economics; • Rational Choices, Positive and normative statements • The Factors of Production • Opportunity Costs • Absolute and relative scarcity.
Demand, Supply and Equilibrium
• The Laws of Supply and Demand • Factors affecting demand and supply. • Classification of goods and services. • Shift in curves and movement along curves. • Price floors and price ceilings • Theory of Consumer Choice – Indifference curves.
Elasticity of Demand and Supply
• Price elasticity. • Income elasticity. • Cross price elasticity. • Relationship between price elasticity and total revenue. • Elasticity of supply.
Costs of Production and the Firm
• Goals of the Firm • Short run cost curves – fixed, variable, average, total costs • Law of diminishing marginal returns. • Cost benefit analysis of farm production • Long-run cost curves • Economics and diseconomies of scale.
Market Structures
• Perfect competition. • Monopoly/Monopsony • Comparing perfect competition and monopoly. • Price discrimination. • Imperfect competition - Monopolistic Competition and Oligopoly.
Factor Markets, Markets and States
• Factor Markets • The Common Agricultural Policy (CAP) • Market efficiency • Market failures • The state and remedies for market failure • State failure.
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Essay % of Total Mark 30
Timing n/a Learning Outcomes 1,2,3,4
Non-marked No
Assessment Description
Essay
No Project
No Practical
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4
Non-marked No
Assessment Description
Terminal Examination
Reassessment Requirement
Exam Board
It is at the discretion of the Examination Board as to what the qualifying criteria are.
Reassessment Description
Re-assessment will be based on repeat coursework. This is at the discretion of the exam board contingent on the nature of the failed submission. The student the student may have to complete a number of components of the project or it may be requested to repeat and attend the module.

SETU Carlow Campus reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Attendance at lecture. Engagement in group activities 12 Weeks per Stage 3.00 36
Independent Learning Non Contact Following up and understanding class lectures. Supplementary readings. Preparation for assessments and final exam 12 Weeks per Stage 3.00 36
Total Weekly Contact Hours 3.00
 
Module Resources
Recommended Book Resources
  • Andrew Barkley,Paul W. Barkley. (2020), Principles of Agricultural Economics, 3rd. Routledge, London, [ISBN: 9780367248642].
This module does not have any article/paper resources
Other Resources
Discussion Note: