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Agricultural Economics Graduate Program
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AGEC & ABME PhD Prerequisites

Students planning on entering the PhD program in the Department of Agricultural Economics should prepare themselves by completing the following study:

Math         Microeconomics                  Macroeconomics Econometrics

 

Math Requirements

Mathematical Economics I (ECMT 660)

Use of selected types of mathematical tools in economic theory (e.g., matrix algebra and multivariate calculus).

The topics covered in ECMT 660 are:
It is important that students have good skills in calculus and optimization. It would be valuable to entering students if they reviewed carefully Chapter 2 (the brief math review) in Walter Nicholson, Microeconomic Theory, 7th edition, 1998. Also, students should have a good understanding of the following topics from Alpha Chiang, Fundamental Methods of Mathematical Economics, 3rd (latest) edition, McGraw-Hill, 1984.

TOPIC REFERENCE PAGES IN CHIANG
Linear Algebra:
Matrix operations
Scalar product
Orthogonal
Linear independence, basis
Nonsingular
Rank
Determinants
Inverse
Cramer’s rule
Systems of equations
58-70; 76-83
67-68
328 and note 1 (next page)
70-74
90-92; 101-103
92; 102-103
93-101
84-86; 103-107
107-110
110-112
Calculus:
Function
Limit
Continuity
Differentiability
Derivative
Partial derivative
Chain rule
Implicit differentiation
Differential
Total differential
Total derivative
Inverse function
Homogeneous function
Jacobian
Gradient
20-31
132-140; 145-147
147-149
149-153
155-164; 166-167; 169-173
174-177
169-171; 198-203
204-214
188-191; 196-198
194-195
198-203
171-173
171-173
184-186
Note 2 (next page)
Miscellaneous:
Set notation and operations
Necessary versus sufficient conditions
11-17
88-90

Textbook:

G.N. Mankiew, Macroeconomics, 4th edition, Worth Publishers, 2000

Online Calculus Course

An online calculus course is available which may assist you in your preparation for Masters-level course work. This web site provides a clear, helpful interactive tool for learning calculus. This site is a good way to practice the subject.

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Microeconomic Requirements

Foundations of Microeconomic Theory (ECON 607)

This course is an introduction to microeconomic theory and applications. Various models using formal analysis will be developed and applied to specific problems. Supply and demand, consumer optimization, theory of the firm (cost minimization and profit maximization), analysis of different market structures (pure competition, monopoly, monopolistic competition, and oligopoly) will be covered. General competitive equilibrium will be introduced.

The topics covered in ECON 607 are:

  1. Economic Models

Chapter 1

  1. Market Demand and Market Supply

Chapter 7 (Market Demand)
Chapter 8

  1. Theory of Consumer Behavior

Chapter 3 (Preferences and Utility)
Chapter 4 (Utility Maximization and Choice)
Chapter 5 (Income and Substitution Effects)
Chapter 6 (Demand Relationships among Goods)
Chapter 8 (Exchange)

  1. Theory of Production and Cost

Chapter 11 (Production Functions)
Chapter 12 (Cost of Production)
Chapter 13 (Profit Maximization and Supply)
Chapter 14 (Long Run Competitive Equilibrium)
Chapter 15 (Applied Competitive Analysis)

  1. Imperfectly Competitive Market Structures

Chapter 18 (Models of Monopoly Markets)
Chapter 19 (Pricing in Imperfectly Competitive Markets – Oligopoly and Monopolistic Competition)

  1. General Equilibrium

Chapter 9 (The Economics of Information)
Chapter 16 (General Competitive Equilibrium)
Chapter 17 (The Efficiency of Perfect Competition)

Textbook:
Walter Nicholson, Microeconomic Theory, Basic Principles and Extensions, 7th edition (1995), Dryden Press.

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Macroeconomic Requirements

Foundations of Macroeconomic Theory (ECON 611)

Development of modern static national income analysis from general equilibrium system; roles of fiscal and monetary policy in promoting economic stability.

The topics covered in ECON 611 are:

  • The Science of Macroeconomics
  • The Data of Macroeconomics
  • National Income: Its Production, Distribution, and Allocation
  • Economic Growth
  • Unemployment
  • Money and Inflation
  • The Open Economy
  • Economic Fluctuations – Short-run
  • Aggregate Demand
  • Aggregate Demand in the Open Economy
  • Aggregate Supply
  • Macroeconomic Policy Debate
  • Consumption
  • Investment
  • Money Supply and Money Demand

Textbook:
G.N. Mankiew, Macroeconomics, 4th edition, Worth Publishers, 2000

 

 

Econometric Requirements

 

Econometrics for Agribusiness (AGEC621)

This course introduces students to theory, methods and applications of statistical techniques for fitting econometric models to economic data. Students will learn methods for summarizing and describing data both numerically and graphically, gain experience in fitting models and interpreting the results. Students will be introduces to statistical software and taught to use its relevant functions.

 

The topics covered in AGEC 621 are:

  • The Simple Linear Regression Model
  • The Multiple Regression Model
    • Estimating the Parameters of Multiple Regression Model
    • Sample Properties of the Least Squares Estimator
    • Interval Estimation and Hypothesis Testing
    • Prediction, Goodness-of-Fit and Modeling Issues
  • Further Inference in the Multiple Regression Model
  • Seemingly Unrelated Regression Model (SUR)
  • Simultaneous Equations Models
  • Discrete Choice Models
  • Limited Dependent Variable Models
  • Time Series Models

Textbook:

Introductory Econometrics: A Modern Approach, J. M. Wooldridge, 4th Edition, South-Western Publication, 2009.

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Prospective Student Information

Program Information
Master of Agribusiness
Master of Science-Thesis Option
Master of Science Non-Thesis Option
Ph.D. in Agricultural Economics
Ph.D. in Agribusiness and Managerial Economics

Application Process and Admission Requirements
Domestic
International

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AGEC & ABME Ph.D. Information

Prerequisites
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