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Agricultural Economics
AGEC 200
Anwar Naseem

October 16th 2012 Consumer and Producer Surplus quiz Due Sunday Nobel Prize in EconomicsAl Roth and Lloyd ShapelyGame TheoryThe market system is pretty efficient Prices and the market are pretty good at allocating resources There is an equilibrium and prices determine the efficient allocation of goods In some markets we dont have prices How do we know that there is an efficient allocation ie Labour markets postsecondary education employers at a small computer company wont necessarily hire the very best computer engineer since they probably wouldnt accept the job anywaysalgorithms to determine thisUniversitiesearly acceptanceMarket Designways to make sure that the market works in a way that resources are allocated efficiently and we dont have a problem of over bidding and we dont make decisions too early and hurt the marketKidney donationshospitals match donorsMy loved one needs a kidney but Im not a match I give my kidney to someone else who needs a kidney their donor that also isnt a match to their loved one now gets my loved ones kidney More complicated when there are lots of donors and recipients They developed this market to allow for these exchanges since you cant sell and buy kidneys on a free market Its illegalEconomics is not necessarily all prices and money Other ways to allocate resources if we make institutions to allow other exchanges Marriage Marketthere are people who want to get married but there is an algorithm there are different rounds dating etc until you get a match between two people who are compatible PRODUCTION AND COST FUNCTIONSCHAPTERS 78 1What do we mean by marginal product Different cost structures Short Run Cost Long Run CostAverage Cost etc2 What are profits revenue and cost In economics we assume that firms are profit maximizers Given what the have in terms of inputs that have a cost and they sell those goods and make a revenue RevenueCostProfit You want as high a profit as possible by maximizing revenue and
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