Description of Individual Course Units
Course Unit CodeCourse Unit TitleType of Course UnitYear of StudySemesterNumber of ECTS Credits
0701406105 PRODUCTION ECONOMICSElective363
Level of Course Unit
First Cycle
Objectives of the Course
The objective of this course is to enable the students to learn the basis of the theories of production economics, to make them comprehend the methods of production economics for solving resource use problems in farms and to provide them with the skills for transferring these methods into practice
Name of Lecturer(s)
Yrd. Doç. Dr. Yakup Erdal ERTÜRK
Learning Outcomes
1Comprehending basics of production economics theory
2Becoming able to transfer the fundamental knowledge of production economics into practice and to interpret the results
3Becoming able to evaluate the physical relationships between inputs and outputs economically
4Becoming able to chose among alternative input-output combinations
5To acquire the ability to guide farmers about effective use of resources
Mode of Delivery
Daytime Class
Prerequisites and co-requisities
None
Recommended Optional Programme Components
None
Course Contents
*Definition of production economics, aims and relationships with other disciplines, * Characteristics of agricultural production, * Production and cost functions (law of diminishing returns, basic concepts, classical production function, cost function),* Factor-product analysis (optimum input usage), * Factor-factor analysis (relationships between inputs, isoquant curves, marginal rate of substitution, optimum combination of inputs),* Product-product analysis (relationships between products, production possibilities curve, optimum combination of products), * Economies of scale, * Technical development and agriculture
Weekly Detailed Course Contents
WeekTheoreticalPracticeLaboratory
1Definition of the course
2Theory of production, goals of production ecomics, relationships with the other disciplines, characteristics of agricultural production
3Factor-product relationships; production function, law of diminishing returns, basic concepts
4Stages of classical production function, analysis for basic concepts
5Defining optimum input use level
6Cost functions, deriving cost function from production functions, definition of costs, calculating costs
7Profit function, maximum profit conditions
8Midterm exam
9Factor-factor analysis; relationships between inputs, production surface, production function with two variable inputs, isoquant curves, marginal rate of substitution
10Isocost curves, optimum combination of inputs
11Elasticity of substitution, substitution and expansion effects, impacts of price changes on input use
12Product-product analysis relationships between products, production possibilities curve, isorevenue line
13Optimum combination of products
14Final exam
Recommended or Required Reading
Planned Learning Activities and Teaching Methods
Assessment Methods and Criteria
Term (or Year) Learning ActivitiesQuantityWeight
Midterm Examination1100
SUM100
End Of Term (or Year) Learning ActivitiesQuantityWeight
Final Examination1100
SUM100
Term (or Year) Learning Activities40
End Of Term (or Year) Learning Activities60
SUM100
Language of Instruction
Work Placement(s)
None
Workload Calculation
ActivitiesNumberTime (hours)Total Work Load (hours)
Midterm Examination111
Final Examination111
Attending Lectures14456
Individual Study for Mid term Examination11212
Individual Study for Final Examination11212
Homework11212
TOTAL WORKLOAD (hours)94
Contribution of Learning Outcomes to Programme Outcomes
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PO
12
LO1            
LO22      3    
LO3   2      3 
LO4            
LO5            
* Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High
 
Iğdır University, Iğdır / TURKEY • Tel (pbx): +90 476 226 13 14 • e-mail: info@igdir.edu.tr