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    Sir Roy EXERCISE 1

    Uploaded by

    Louie Jay Laborte
    This document contains responses to questions about microeconomics, pure competition, the role of mathematics in economics, comparative statics, the balance between theoretical and applied work, and the importance of agricultural knowledge versus economic theory for agricultural economists. The responses discuss how microeconomics guides optimal resource use and decision making for businesses; why assumptions of pure competition remain important despite imperfect competition in farming; how mathematics allows precise economic modeling; why comparative statics is commonly used despite dynamic real-world conditions; the need for agricultural economists to address issues of farm production and marketing; and why knowledge of both agriculture and economic theory is important for agricultural economists.

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    Sir Roy EXERCISE 1

    Uploaded by

    Louie Jay Laborte
    19 views2 pages
    This document contains responses to questions about microeconomics, pure competition, the role of mathematics in economics, comparative statics, the balance between theoretical and applied work, and the importance of agricultural knowledge versus economic theory for agricultural economists. The responses discuss how microeconomics guides optimal resource use and decision making for businesses; why assumptions of pure competition remain important despite imperfect competition in farming; how mathematics allows precise economic modeling; why comparative statics is commonly used despite dynamic real-world conditions; the need for agricultural economists to address issues of farm production and marketing; and why knowledge of both agriculture and economic theory is important for agricultural economists.

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    This document contains responses to questions about microeconomics, pure competition, the role of mathematics in economics, comparative statics, the balance between theoretical and applied work, and the importance of agricultural knowledge versus economic theory for agricultural economists. The responses discuss how microeconomics guides optimal resource use and decision making for businesses; why assumptions of pure competition remain important despite imperfect competition in farming; how mathematics allows precise economic modeling; why comparative statics is commonly used despite dynamic real-world conditions; the need for agricultural economists to address issues of farm production and marketing; and why knowledge of both agriculture and economic theory is important for agricultural economists.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    19 views2 pages

    Sir Roy EXERCISE 1

    Uploaded by

    Louie Jay Laborte
    This document contains responses to questions about microeconomics, pure competition, the role of mathematics in economics, comparative statics, the balance between theoretical and applied work, and the importance of agricultural knowledge versus economic theory for agricultural economists. The responses discuss how microeconomics guides optimal resource use and decision making for businesses; why assumptions of pure competition remain important despite imperfect competition in farming; how mathematics allows precise economic modeling; why comparative statics is commonly used despite dynamic real-world conditions; the need for agricultural economists to address issues of farm production and marketing; and why knowledge of both agriculture and economic theory is important for agricultural economists.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    Name: Louie Jay Laborte Grade and Section: 3BsAgEcon-A

    Exercise 1

    1. Does microeconomics have greater impact than microeconomics on the farm


    manager?

    -Microeconomics plays an important role in the business decision-making process. It


    guides the business managers in optimal resource utilization, demand analysis, cost
    analysis, optimal production decision, and pricing policy. Microeconomics plays an
    important role in business decision making.

    2. If pure competition is not an adequate representation of the economic model that


    underlies farming in the Philippines, why do the assumptions of pure competition
    continue to be important to agricultural economist?

    -A market with pure competition has many companies that compete with each other. A
    large number of competitors that sell the same products prevent price rising among
    businesses. So, producers offer their products at an average price to stay on the
    market.

    3. Nowadays, is mathematics essential for understanding economic principles?

    -Mathematics permits economists to construct precisely defined models from which


    exact conclusions can be derived with mathematical logic, which can then be tested
    using statistical data and used to make quantifiable predictions about future economic
    activity.

    4. The real world is dynamic. If so, why do agricultural economist continue to rely so
    heavily on comparative statics?

    -Comparative statics is commonly used to study changes in supply and demand when
    analyzing a single market, and to study changes in monetary or fiscal policy when
    analyzing the whole economy. Comparative statics is a tool of analysis in
    microeconomics (including general equilibrium analysis) and macroeconomics.

    5. Agricultural economists are frequently accused of spending too little time in the real
    wolrd. A preoccupation with abstract theoretical issues means that agricultural
    economist are sometimes unable or unwilling to look at the fundamental issues linked to
    the production and marketing of agricultural commodities. Do you agree or disagree?

    -In developing countries, majority of the population engage in subsistence farming for a
    living. In order to help these huge number of farmers to achieve salient economic goals,
    Agricultural Economics comes in with AgriPolicy, Farm management, Agribusiness,
    Cooperative…..In another vein, many countries export and import agricultural products
    to maximize their benefits; here, Agricultural Economics comes in analysis.

    6. To become an agricultural economist, is it importance to know agriculture or to know


    economic theory.

    -Yes I agree because It ultimately increases revenue. Hence, marketing is crucial to


    generating and increasing revenue by communicating the products with potential
    customers. Set better goals for your business: Marketing helps the business know about
    the customers' demands and needs. They could set their goals according to these.

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