Curtis M. Jolly

Professor and Chair

Agricultural Economics

AGEC 7200
Aquacultural Economics I
3 Credit Hours

Course Outline

    Instructor: Dr. Curtis M. Jolly
  1. Introduction
    1. Importance of Aquaculture
    2. World Fish Production
    3. Growth of Aquaculture
    4. Consumption and Demand of Fish

  2. Economics of Aquaculture
    1. Definition
    2. Micro- and Macro economics
      1. Disciplines related to the field
      2. Terminology
    3. Macro-economics
      1. Concepts

  3. Consumer Behavior
    1. Demand
      1. Individual demand curve
      2. Theoretical demand curve
      3. Difference between demand and quantity demanded
      4. Existing demand
      5. Factors affecting the demand for fish
    2. Price Elasticity of Demand
      1. Determinants of price elasticity of demand
      2. Some uses of price elasticity of demand
      3. Income elasticity of demand
    3. Direct Versus Derived Demand
    4. Market Demand Curve
    5. Supply Concept and Definition
      1. Individual supply function
      2. Theoretical supply functions
      3. The supply of fish and quantity supplied
    6. The Market Supply of Fish
      1. Factors affecting the supply of fish
      2. The price elasticity of supply
      3. Price flexibility of supply

  4. Production Theory
    1. Production Function
      1. Total, average and marginal product
      2. The laws of diminishing returns
      3. The three stages of production
      4. Marginal rate of technical substitution

  5. Cost Theory
    1. Relevant Cost Concept
      1. Defining cost
      2. Cost function
      3. Short and long run cost function
      4. Fixed costs
      5. Variable costs
    2. Firm Size
      1. Plant size
      2. Break-even analysis
      3. Relationship between cost functions and production function

  6. The Factor-Factor Relationship
    1. Factor combinations
      1. How to combine inputs
      2. How to combine outputs
      3. Integrated aquaculture

  7. Management of the Fish Farm
    1. Introduction
    2. Factors to Consider when Planning a Fish Farm
    3. Farm Income and Budget Analysis
      1. What is budget analysis
      2. Stages in farm income analysis
      3. Farm income
      4. Analyzing farm enterprises
      5. Measuring enterprise income
    4. Farm Record Keeping
      1. The farm inventory
      2. Depreciation
      3. Estimating receipts and income
    5. The Farm Budget
      1. The total farm budget
      2. Partial farm budget
      3. Enterprise budget

  8. Time Value of Money

  9. Capital Budgeting

  10. Market Structure and Theory of Price
    1. Classification of Market Structure
      1. Factors determining market structure
      2. Pure competition
      3. Monopoly
      4. Monopolistic competition
      5. Oligopoly

  11. Marketing in Fisheries and Aquaculture
    1. The Marketing Concept
      1. The marketing concept and aquaculture
      2. The marketing system
    2. The Marketing Function
    3. Distribution and Channels
    4. New Product Development
    5. Promotion
    6. Integration

  12. Political and Macro-economic Considerations

  13. Market Equilibrium
    1. A. Interaction of Demand and Supply
      1. Price determination
    2. Shifting of Demand and Supply Curve


Department of Agricultural Economics and Rural Sociology, 202 Comer Hall, Auburn University, AL, 36849-5406

Phone(Mon-Fri): 334-844-4800       Fax: 334-844-5639      E-mail: pouncss@auburn.edu