This course introduces you to the fundamentals of microeconomics, applying core economic principles to real-world issues in the food and agricultural sectors. You will explore concepts such as supply and demand, market structures, production decisions, risk and uncertainty, trade policies, and how government actions impact global welfare and food security.

Course Content

• Introduction to microeconomics

• Product supply and production response

• Cost analysis and optimal output levels

• Consumer demand—particularly for food products

• Market structures and price determination

• Risk and uncertainty in production decisions

• Agricultural and trade policies, global welfare and food security

• Consumer preferences and producer decision-making

• Elasticities—estimation and interpretation

• Simple models of consumer demand for agricultural products

• Decision rules under uncertainty

• Welfare effects of government policies and international trade