AGB 2204 Production Economics

The course relies on economic principles and exposes the learner to the relationships that occur in the use of inputs to produce various outputs. The physical relationships and the costs looked at with a view of maximizing the returns. Analytical procedures are employed to guide firm level production decisions to maximize returns.

Course Objectives

• Provide the learners with an understanding of the nature of production
• Introduce the learner to the idea of the production function (input and output relationships) to ensure efficiency in resource use.
• To provide students with a quantitative and analytical approach of understanding derivations of optimal resource and enterprise combinations.

Learning Outcomes
At the end of this course students should be able to:

• Discuss the principles and techniques of production economics.
• Analyze the possible relationships between inputs and outputs, inputs and inputs, and outputs and outputs.
• Employ quantitative tools to make economic decisions regarding efficient utilization of resources.