AP EC 302, Economics of farm management, Syllabus, Spring 2006

AP EC 302: ECONOMICS OF FARM MANAGEMENT, SPRING 2006

INSTRUCTOR: Ed Kaiser
252 Barre Hall
656-5779

E-MAIL: ekaiser@clemson.edu

OFFICE HOURS:
8:30-11:00 M, W, F
8:00-10:45 Tu, Th, or by appointment

TIME & ROOM: 2:30 - 3:45 p.m.. M and W; A102 P & AS Bldgl. If an instructor is not in the classroom by 2:45, students may leave.

TEXT: Kay, Ronald D., and William M. Edwards, and Patricia Duffy; Farm Management, Fifth Edition, McGraw-Hill, Inc., New York, 2004.

COURSE OUTLINE:

I. Management (chapters 1 and 2)

II. Economic Principles (chapters 7, and 9)

III. Enterprise Budgets (chapter 10)

IV. Budgeting and Planning (chapters 11 and 13)

V. Farm Accounts and Analysis (chapters 3,4,5, and 6)

VI. Farm Business Analysis (chapter 5, 6 and 18)

VII. Investment Analysis (chapter 17)

PREREQUISITE: AP EC 202 or ECON 211

GOALS:

1. To provide an introduction to farm management and to explain the theoretical concepts that allow successful decisions to be made.

2. To develop an enterprise budget, a partial budget, and a whole farm plan to aid in successful decision-making.

3. To construct a cash flow statement, an income statement, and a balance sheet.

4. To analyze the financial position of the farm business.

5. To apply concepts of investment analysis to farm investments.

CLASS ATTENDANCE:

College work proceeds at such a pace that regular attendance is necessary for each student to obtain maximum benefit from instruction. Regular and punctual attendance at all class sessions is a student obligation, and each student is reponsible for all work, including tests and written work, in all class sessions. Nor right or privilege exists that permits a student to be absent from any given number of class sessions. All absences are matters to be resolved between the instructor and the student. In the event that a student finds it necessary to be absent from class, it is the student's responsibility to make up resulting deficiencies.

ASSIGNMENTS:

There will be at least 12 assignments to give you an opportunity to become familiar with the subject matter that will be presented in this course. The assignments will be graded as Acceptable (70% correct)/ Unacceptable. Some assignments will be homework done outside of class and some assignments will be short in-class assignments. The types of questions and problems on the assignments will be the same types that you will be expected to answer on the exams. Assignments will not be accepted after the due date.

CLEMSON UNIVERSITY'S STATEMENT ON ACADEMIC INTEGRITY:

"As members of the Clemson University community, we have inherited Thomas Green Clemson's vision of this institution as a 'high seminary of learning.' Fundamental to this vision is a mutual commitment to truthfulness, honor, and responsibility, without which we cannot earn the trust and respect of others. Furthermore, we recognize that academic dishonesty detracts from the value of a Clemson degree. Therefore, we shall not tolerate lying, cheating or stealing in any form."

"When in the opinion of a faculty member, there is evidence that a student has committed an act of academic dishonesty, the faculty member shall make a formal written charge of academic dishonesty, inclduing a description of the misconduct, to the Associate Dean of Undergraduate Services. At the same time, the faculty member may, but is not required to, inform each involved student privately of the nature of the alleged charge."

GRADE:
There will be three exams during the semester and a cumulative Final Exam.

For a D:     Earn at least an average of 60 on the four exams.
                  Complete five assignments with a grade of Acceptable.

For a C:     Earn at least an average of 70 on the four exams.
                  Complete seven assignments with a grade of Acceptable.

For a B:      Earn at least an average of 80 on the four exams.
                   Complete nine assignments with a grade of Acceptable.

Increase one letter grade:

Complete an acceptable (70% correct) Farm Financial Analysis Project. You will be given a case study farm to generate a Cash Flow Statement, an Income Statement, and a Balance Sheet for each of three years. You will then complete a Comparative Analysis Sheet using the three years of financial data that you generate and write a short report analyzing the farm's financial position.

The grading scale for course grades will be >90%: A; 80% to 90%: B; 70% to 80%: C; 60% to 70%: D; and < 60%: F.
This scale may be curved down at the end of the semester if needed.

TENTATIVE Lecture Schedule:

Th Jan 11 Class Roll, Discuss Course Syllabus, etc

Tu 16 Martin Luther King, Jr., Holiday

Th 18 Economic Principles - Choosing Production Levels (Chapter 7)

Tu 23 Economic Principles - Choosing Production Levels (Chapter 7)

Th 25 Economic Principles - Cost Concepts (Chapter 9)

Tu 30 Economic Principles - Cost Concepts (Chapter 9)

Th Feb 1 Enterprise Budgets (Chapter 10)

Tu
6
Enterprise Budgets (Chapter 10)

Th 8 Enterprise Budgets (Chapter 10)

Tu 13 Management (Chapters 1 and 2)

Th 15 Exam # 1

Tu 20 Partial Budgets (Chapter 11)

Th 22 Cash Flow Budgets (Chapter 13)

Tu 27 Management Information and Asset Valuation (Chapters 3 and 4)

Th Mar 1 Balance Sheet (Chapter 5)

Tu 6 Balance Sheet (Chapter 5)

Th 8 Income Statement (Chapter 6)

Tu 13 Income Statement (Chapter 6)

Th 15 Exam #2

Tu 20 SPRING BREAK

Th 22 SPRING BREAK

Tu 27 Farm Business Analysis (Chapters 5, 6, and 18)

Th 29 Farm Business Analysis (Chapters 5, 6, and 18)

Tu Apr 3 Farm Business Analysis (Chapters 5, 6, and 18)

Th 5 Farm Business Analysis (Chapters 5, 6, and 18)

Tu 10 Investment Analysis (chapter 17)

Th 12 Investment Analysis (Chapter 17)

Tu 17 Investment Analysis (Chapter 17)

Th 19 Exam # 3

Tu 24 Grades before Final Exam

Th 26 Discuss Final Exam

Tu May 4 Final Examination, 8 - 11 a.m.

Note: This syllabus is preliminary and is subject to change. The syllabus distributed in class is the official version.

Spring 2006 Course List

Ag Econ Home

2006 by Eddie H. Kaiser, Department of Applied Economics & Statistics, Clemson University, Clemson, SC 29634-0313

INSTRUCTOR:	Ed Kaiser 252 Barre Hall 656-5779
E-MAIL:	ekaiser@clemson.edu
OFFICE HOURS:	8:30-11:00 M, W, F 8:00-10:45 Tu, Th, or by appointment
TIME & ROOM:	2:30 - 3:45 p.m.. M and W; A102 P & AS Bldgl. If an instructor is not in the classroom by 2:45, students may leave.
TEXT:	Kay, Ronald D., and William M. Edwards, and Patricia Duffy; Farm Management, Fifth Edition, McGraw-Hill, Inc., New York, 2004.
COURSE OUTLINE:
I.	Management (chapters 1 and 2)
II.	Economic Principles (chapters 7, and 9)
III.	Enterprise Budgets (chapter 10)
IV.	Budgeting and Planning (chapters 11 and 13)
V.	Farm Accounts and Analysis (chapters 3,4,5, and 6)
VI.	Farm Business Analysis (chapter 5, 6 and 18)
VII.	Investment Analysis (chapter 17)

PREREQUISITE:	AP EC 202 or ECON 211

GOALS:
1.	To provide an introduction to farm management and to explain the theoretical concepts that allow successful decisions to be made.
2.	To develop an enterprise budget, a partial budget, and a whole farm plan to aid in successful decision-making.
3.	To construct a cash flow statement, an income statement, and a balance sheet.
4.	To analyze the financial position of the farm business.
5.	To apply concepts of investment analysis to farm investments.
CLASS ATTENDANCE:
	College work proceeds at such a pace that regular attendance is necessary for each student to obtain maximum benefit from instruction. Regular and punctual attendance at all class sessions is a student obligation, and each student is reponsible for all work, including tests and written work, in all class sessions. Nor right or privilege exists that permits a student to be absent from any given number of class sessions. All absences are matters to be resolved between the instructor and the student. In the event that a student finds it necessary to be absent from class, it is the student's responsibility to make up resulting deficiencies.
ASSIGNMENTS:
	There will be at least 12 assignments to give you an opportunity to become familiar with the subject matter that will be presented in this course. The assignments will be graded as Acceptable (70% correct)/ Unacceptable. Some assignments will be homework done outside of class and some assignments will be short in-class assignments. The types of questions and problems on the assignments will be the same types that you will be expected to answer on the exams. Assignments will not be accepted after the due date.
CLEMSON UNIVERSITY'S STATEMENT ON ACADEMIC INTEGRITY:
	"As members of the Clemson University community, we have inherited Thomas Green Clemson's vision of this institution as a 'high seminary of learning.' Fundamental to this vision is a mutual commitment to truthfulness, honor, and responsibility, without which we cannot earn the trust and respect of others. Furthermore, we recognize that academic dishonesty detracts from the value of a Clemson degree. Therefore, we shall not tolerate lying, cheating or stealing in any form." "When in the opinion of a faculty member, there is evidence that a student has committed an act of academic dishonesty, the faculty member shall make a formal written charge of academic dishonesty, inclduing a description of the misconduct, to the Associate Dean of Undergraduate Services. At the same time, the faculty member may, but is not required to, inform each involved student privately of the nature of the alleged charge."
GRADE:	There will be three exams during the semester and a cumulative Final Exam. For a D: Earn at least an average of 60 on the four exams. Complete five assignments with a grade of Acceptable. For a C: Earn at least an average of 70 on the four exams. Complete seven assignments with a grade of Acceptable. For a B: Earn at least an average of 80 on the four exams. Complete nine assignments with a grade of Acceptable. Increase one letter grade: Complete an acceptable (70% correct) Farm Financial Analysis Project. You will be given a case study farm to generate a Cash Flow Statement, an Income Statement, and a Balance Sheet for each of three years. You will then complete a Comparative Analysis Sheet using the three years of financial data that you generate and write a short report analyzing the farm's financial position. The grading scale for course grades will be >90%: A; 80% to 90%: B; 70% to 80%: C; 60% to 70%: D; and < 60%: F. This scale may be curved down at the end of the semester if needed.

TENTATIVE Lecture Schedule:
Th	Jan 11	Class Roll, Discuss Course Syllabus, etc
Tu	16	Martin Luther King, Jr., Holiday
Th	18	Economic Principles - Choosing Production Levels (Chapter 7)
Tu	23	Economic Principles - Choosing Production Levels (Chapter 7)
Th	25	Economic Principles - Cost Concepts (Chapter 9)
Tu	30	Economic Principles - Cost Concepts (Chapter 9)
Th	Feb 1	Enterprise Budgets (Chapter 10)
Tu	6	Enterprise Budgets (Chapter 10)
Th	8	Enterprise Budgets (Chapter 10)
Tu	13	Management (Chapters 1 and 2)
Th	15	Exam # 1
Tu	20	Partial Budgets (Chapter 11)
Th	22	Cash Flow Budgets (Chapter 13)
Tu	27	Management Information and Asset Valuation (Chapters 3 and 4)
Th	Mar 1	Balance Sheet (Chapter 5)
Tu	6	Balance Sheet (Chapter 5)
Th	8	Income Statement (Chapter 6)
Tu	13	Income Statement (Chapter 6)
Th	15	*Exam #2*
Tu	20	SPRING BREAK
Th	22	SPRING BREAK
Tu	27	Farm Business Analysis (Chapters 5, 6, and 18)
Th	29	Farm Business Analysis (Chapters 5, 6, and 18)
Tu	Apr 3	Farm Business Analysis (Chapters 5, 6, and 18)
Th	5	Farm Business Analysis (Chapters 5, 6, and 18)
Tu	10	Investment Analysis (chapter 17)
Th	12	Investment Analysis (Chapter 17)
Tu	17	Investment Analysis (Chapter 17)
Th	19	Exam # 3
Tu	24	Grades before Final Exam
Th	26	Discuss Final Exam
Tu	May 4	*Final Examination,* 8 - 11 a.m.

AP EC 302: ECONOMICS OF FARM MANAGEMENT, SPRING 2006

updated 2/8/06