Iğdır University Lifelong Learning Programme

Description of Individual Course Units

Course Unit Code	Course Unit Title	Type of Course Unit	Year of Study	Semester	Number of ECTS Credits
0701406104	ÜRETİM EKONOMİSİ	Elective	3	6	2

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)

Learning Outcomes

1	Comprehending basics of production economics theory
2	Comprehending basics of production economics theory
3	Becoming able to transfer the fundamental knowledge of production economics into practice and to interpret the results
4	Becoming able to transfer the fundamental knowledge of production economics into practice and to interpret the results
5	Becoming able to evaluate the physical relationships between inputs and outputs economically
6	Becoming able to evaluate the physical relationships between inputs and outputs economically
7	Becoming able to chose among alternative input-output combinations
8	Becoming able to chose among alternative input-output combinations
9	To acquire the ability to guide farmers about effective use of resources
10	To 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

Week	Theoretical	Practice	Laboratory
1	Definition of the course
2	Theory of production, goals of production ecomics, relationships with the other disciplines, characteristics of agricultural production
3	Factor-product relationships; production function, law of diminishing returns, basic concepts
4	Stages of classical production function, analysis for basic concepts
5	Defining optimum input use level
6	Cost functions, deriving cost function from production functions, definition of costs, calculating costs
7	Profit function, maximum profit conditions
8	Midterm exam
9	Factor-factor analysis; relationships between inputs, production surface, production function with two variable inputs, isoquant curves, marginal rate of substitution
10	Factor-factor analysis; relationships between inputs, production surface, production function with two variable inputs, isoquant curves, marginal rate of substitution
11	Isocost curves, optimum combination of inputs
12	Elasticity of substitution, substitution and expansion effects, impacts of price changes on input use
13	Product-product analysis relationships between products, production possibilities curve, isorevenue line
14	Product-product analysis relationships between products, production possibilities curve, isorevenue line
15	Optimum combination of products
16	Final exam

Recommended or Required Reading

• J.P.Doll, F.Orazem, “Production Economics, Theory with Applications”, John Wiley and Sons. • E.O.Heady “Economics of Agricultural Production and Resourse Use” • Erkuş vd. “Tarım Ekonomisi” A.Ü. Ziraat Fakültesi Yayını, Ankara. • Cramer, Sensan “Agricultural Economics and Agribusiness” • Heady, Dillon “Agricultural Prouduction Functions” • Osburn, D.D.K.C. Schneeberger, “Modern Management

Planned Learning Activities and Teaching Methods

Assessment Methods and Criteria

Term (or Year) Learning Activities	Quantity	Weight
Midterm Examination	1	100
SUM		100
End Of Term (or Year) Learning Activities	Quantity	Weight
Final Examination	1	100
SUM		100
Term (or Year) Learning Activities		40
End Of Term (or Year) Learning Activities		60
SUM		100

Language of Instruction

Work Placement(s)

None

Workload Calculation

Activities	Number	Time (hours)	Total Work Load (hours)
Midterm Examination	1	1	1
Final Examination	1	1	1
Attending Lectures	14	2	28
Self Study	14	2	28
Individual Study for Mid term Examination	1	1	1
Individual Study for Final Examination	1	1	1
TOTAL WORKLOAD (hours)			60

Contribution of Learning Outcomes to Programme Outcomes

	PO 1	PO 2	PO 3	PO 4	PO 5	PO 6	PO 7
LO1		2
LO2			2
LO3				1
LO4					1
LO5						3
LO6
LO7
LO8
LO9
LO10

* Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High