The University of Arizona  1993-95 General Catalog

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Agricultural and Resource Economics (AREC)
Economics Building, Room 208
(520) 621-6241

Professors Bruce R. Beattie, Head, Robert C. Angus, Bartley P.
Cardon (Emeritus), Dennis C. Cory, Robert S. Firch (Emeritus),
Roger W. Fox, Jimmye S. Hillman (Emeritus), Maurice M. Kelso
(Emeritus), Robert O. Kuehl, Jeffrey T. LaFrance, William B.
Lord, William E. Martin (Emeritus), Eric A. Monke, Lester D.

Associate Professors Bonnie C. Colby, Roger A. Dahlgran, Robert
D. Innes, Paul N. Wilson

Assistant Professors Satheesh V. Aradhyula, Gary D. Thompson

Research Scientist Edwin H. Carpenter

Extension Specialists Harry W. Ayer, Russell L. Gum,  James C.

Assistant Extension Specialists Julie Leones, Russell E. Tonstad

The department's program is designed to relate agricultural and
resource problems and issues in contemporary society to their
underlying economic explanations. Through the choice of elective
courses the major in agricultural and resource economics may
build programs in: agricultural business to prepare for careers
in the management of farms, ranches and agribusiness firms;
economic development for careers in rural area development and
foreign agricultural development; resource economics for careers
in the management of public resources of land and water; and
preparation for graduate study for careers in business, teaching
and research.

The following degrees are offered: Bachelor of Science in
Agriculture with a major in agricultural and resource economics
and Master of Science with a major in agricultural and resource
economics. The Doctor of Philosophy degree with a major in
economics and an emphasis in agricultural and resource economics
is administered by the combined faculties of the departments of
Economics and Agricultural and Resource Economics.

The major: Undergraduate majors must complete the general
education requirements as described in the College of Agriculture
section of the catalog. Courses in four of the five required
study areas must be selected from a departmentally approved list.
Included in this list are MATH 119 and 123, ECON 201a, 201b, 330
and AREC 242. Additional requirements include ACCT 200, either
ECON 300 or 361, and ECON 332 and a minimum of 22 units in upper-
division agricultural and resource economics courses. Majors must
choose additional coursework from options in either Agricultural
Economics, Agribusiness Management, or Resource and Environmental

Agricultural Economics Option:  This option is designed for the
student interested in the application of economics to societal
problems. AREC 339, 403, 404 and 464 are required.  Forty-one
units of elective credit are open to the student.

Agribusiness Management Option:  Designed for the student
interested in the management of agricultural production,
marketing/sales and service business. In addition to the above
general requirements, ACCT 210, 310 and MAP 330 are required.
Students taking this option must also complete AREC 213, 215,
339, 403, 404, 450 and 464. Majors in this option are encouraged
to enroll in additional relevant courses in the College of
Business and Public Administration.

Resource and Environmental Economics Option:  This option meets
the needs of the student interested in the economic analysis of
environmental and natural resource issues facing society. In
addition to the general requirements, AREC 217, 339, 350, 375,
403, 404, 464, and 476 are required. Students are encouraged to
use 44 elective units in courses relating to biology, political
science and natural resource management.

The minor: A minimum of 20 units of course work is required in
agricultural economics. At least 19 units must be selected from
ACCT 200, AREC 213, 215, 217 and ECON 300, 330 or 361. A minimum
of 12 upper-division units must be selected from a list of
concentration courses that can be obtained from a minor advisor.
Students are expected to have prerequisites and/or supporting
courses that may be required for the courses in the minor.

213. Introduction to Agricultural Marketing (3) II Basic economic
principles and marketing methods for agricultural crops and
livestock in an international marketplace. P, ECON 200 or 201a.

215. Agricultural Business Management (3) I II Applying economic
principles in decision making for the agribusiness firm;
analytical techniques and management control; problems in
organization, management, and operation of an agricultural
business. P, ECON 200 or 201a.

217. Resource and Environmental Economics (3) I Relationship
between man and use of natural resources and environmental
systems, with emphasis on the economic implications of
alternative environmental, energy and land-use policies. P, ECON
200 or 201a. (Identical with ECON 217)

242. World Food Economy (3) I World resources of agriculture;
population and food supply; economics of hunger, world trade and
agricultural policies. P, ECON 200 or 201a. (Identical with ECON
242) Fox

310. Consumer Economics (3) I The economics of consumer behavior
and choice with implications for consumer demand. Application to
nutrition and food consumption, clothing and textiles, and
consumer durables. P, ECON 200 or 201a. (Identical with MCS 310)

313. Economics of Futures Markets (3) I Futures market
participants, evolution, functions, performance, regulation,
financial instruments, and options on futures contracts, with
emphasis on hedging uses of the futures market for agricultural
commodities. P, ECON 201a. (Identical with ECON 313 and FIN 313)

339. Economic Statistics (3) I II Application and interpretation
of statistical measures to problems in economics. P, MATH 117R/S.
(Identical with ECON 339) Angus

350. Ethical Considerations in Agricultural and Natural Resource
Policies (3) I Develops the capability in students to critically
identify and analyze, from a political economy perspective,
policy issues and decisions concerning agriculture and natural
resources. P, ECON 200 or 201a. Wilson

375. Economics of Land and Water in the American West (3) II
Economic analysis of natural resource issues, policies and
management alternatives. Case studies will focus on water
supplies, public and tribal lands, river basins and wildlife,
resources in the western U.S. P, 217 or ECON 201a. (Identical
with ECON 375 and RNR 375). Colby

403. Marketing and Price Analysis (3) II Market functions, costs,
price forecasting, and regulation in the movement of agricultural
products. P, 339, ECON 300 or 361.

404. Production Economic Analysis (3) I Application of production
economics principles and analytical techniques to the solution of
agricultural economics problems. P, MATH. 123, ECON 300 or 361.

450. Agricultural Finance (3) I Applying business and economic
theory to problems confronting agribusiness firms in the
acquisition, allocation, control, and transfer of capital
resources. P, ECON 300 or 361 and 3 units of accounting. May be
convened with 550. Wilson

464. Agricultural Policy (3) II Economic analysis of the policy
issues and proposals impacting on agriculture and rural America,
with emphasis on the historical and continuing role of government
in price and income policies. P, ECON 201a.

471. Problems in Regional Development (3) I II (Identical with
GEOG 471) May be convened with 571.

476. Natural Resource Economics (3) II Economic principles useful
in analyzing natural resource problems and policies in the
Southwest and nationwide. P, MATH 123, ECON 300 or 361.
(Identical with ECON 476, HWR 476, and RNR 476)

500. Research Methodology in Agricultural Economics (3) I Study
of the research process in agricultural economics as a means of
acquiring reliable knowledge. P, ECON 518, ECON 504, or CR. Cory

504. Production Economics (3) I Theory of the firm and industry;
single and multiple products; risk and uncertainty. P, MATH 123,
ECON 300 or 361. (Identical with ECON 504) Aradhyula

512. Economic Policy in Developing Countries (3) II The role of
policies in economic growth and development. The impact of
commodity, factor market and macroeconomic policies on economic
incentives. (Identical with AR L 512 and ECON 512) Monke

513.  Consumption Economics and Price Analysis (3) II Theory of
the consumer, demand, and market equilibrium, and welfare
analysis. P, ECON 361, MATH 123 (Identical with ECON 513)

514. Cost-Benefit Analysis (3) II Theoretical bases and empirical
techniques, with emphasis on LDCs. Consumer-producer surplus;
social and private costs; macroeconomic distortions; non-market
goods; uses in policy analysis. (Identical with ECON 514). Monke

515. Operations Research in Applied Economics (3) I Application
of linear, nonlinear, and multiple objective programming,
decision theory, and simulation to problems of agricultural
production, marketing, policy, and natural resource use. P, ECON
361, MATH 123. (Identical with ECON 515) Thompson

516. Agicultural Development (3) I Microeconomic analysis of
agriculture in developing economies, focusing on factors
affecting production decisions of small farmers, including
adoption of new technologies. Interrelationships between
agricultural activities and household consumption patterns will
also be discussed. P, ECON 300 or 361. (Identical with ECON 516).

540. Design and Analysis of Experiments (3) II Statistical
principles of research design for experimental and observational
studies; introduction to the linear statistical model for
analysis of data from research studies including techniques for
complete block and incomplete block designs; factorial
experiments; covariates and polynomial response functions. P,
STAT 509. Kuehl

549. Applied Econometric Analysis (3) I (Identical with ECON 549)

550. Agricultural Finance (3) I For a description of course
topics, see 450. Graduate-level requirements include a research
paper of publishable quality which analyzes a current financial
issue or problem in the agricultural sector and selected readings
in professional journals. P, ECON 300 or 361 and 3 units of
accounting. May be convened with 450. Wilson

571. Problems in Regional Development (3) I II (Identical with
GEOG 571) May be convened with 471.

575. Economics of Natural Resource Policy (3) II Theory and
application of economic concepts needed to evaluate resource laws
and policies; including welfare economics, externalities, public
goods and valuation methodologies. Case studies focus on the
American West and include federal and state environmental, water,
land and wildlife policies. P, ECON 300 or 361. (Identical with
AR L 575, ECON 575 and RNR 575) Colby

576. Advanced Natural Resource Economics (3) I Advanced economic
theory and analysis of environmental and natural resource issues.
P, MATH 123, ECON 361. (Identical with ECON 576, HWR 576, and RNR
576) Cory

577. Advanced Topics in the Economics of Environmental Regulation
(3) II Advanced economic theory of environmental policy. Topics
include regulation of air and water pollution under imperfect
competition, imperfect information, costly enforcement,
uncertainty, and the use of alternative regulatory instruments.
P, ECON 361, MATH 123. (Identical with ECON 577, HWR 577, and WS
M 577) Innes


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