**AEC 211 Principles of Agricultural Economics I (2 Units) **

Application of Basic Economic Principles in Agriculture; Supply and demand; Price Determination and Elasticities; Formulation of Models; Factor-Product; Factor-factor, and Product-Product and their optimum Conditions; Linear Programming; Agricultural Linkages; Vertical/Horizontal Integration.

**AEC212 General Agriculture (3 Units) **

The definition of Agriculture. World population and food supply. History, scope and importance of Agriculture to man. Agriculture and natural environment, Characteristic features of tropical Agriculture and how they affect production. Land use and tenure. Trends in the production, distribution and utilization of agricultural products. Measures of improving Nigerian Agriculture. Climatic, edaphic and social factors in relation to crop production and distributions in Nigeria. Systems of crop farming. Types, distribution and significance of farm animals; basic principles of animal farming. Place of forestry, fish farming and wildlife in Agriculture.

**AEC 221 Principles of Agricultural Economics II (2 Units) **

Circular flow of income – closed and open economics. National income accounting. Theories of consumption and saving, theory of investment, aggregate demand and supply, money and interest rate. Meaning and function of money, demand and supply of money and equilibrium banking. Economic growth and development, International trade and role of Agriculture in economic development

**AEC 312 Principles of Production Economics (2 Units) **

Economic principles underlying market exchange processes with particular reference to the theory of price mechanism in a market economy. Utility theory and the concept of indifference curves. The derivation of Engel’s curves and household demand curves. The income and substitution effects of price change on normal and inferior goods. The nature of demand for agricultural products. The principle of revealed preference and concept of index numbers as indicators of individual welfare changes. The derivation of farm-firm production functions. The nature of the demand and supply curves for agricultural inputs. Market equilibrium analysis under various market structures, specifically under perfect competition, monopoly, monopolistic competition, duopoly and oligopoly. The marginal productivity theory of distribution in perfectly competitive markets. Theory of resource employment.

**AEC 313 Applications of Computers to Agricultural Production (2 Units) **

Introduction to problem solving with the computer; Data entry and editing with the computer. Data analysis using different statistical packages.

**AEC 321 Principles of Farm Management (2 Units) **Definitions; scope and Importance of farm management; Problems and Methods of Collecting farm management Information; Farm Record and Accounting; Farm Business and Enterprise management and Analysis; farm Planning and Organization; Risk and Uncertainty in Agriculture. Students will write a Project Report on this course.

**AEC 322 Statistics and Data Processing (3 Units) **

Basic concepts of statistics. Frequency distribution, measures of location, measures of dispersion. Probability distribution–normal and binomial distribution. Sampling, data collection, data processing techniques, statistical inference, tests of hypothesis; F-test, t-test, chi-square. Analysis of variance, correlation and regression analysis. Goodness of fit. Formulation of research objectives, field experimentation, collection and processing of data.

**AEC 511: Statistics and Research Methods (3 Units) **

Methodology and problems of farm and market surveys for data collection. Sampling techniques, including simple random, stratified random, cluster and systematic sampling techniques. Tabulation and presentation of statistical data with emphasis on histograms, graphs and frequency distribution. Measures of central tendency – mean (arithmetic and geometric) mode, median, quartiles and deciles. Measures of dispersion – variance, standard deviation, skewness and kurtosis. Probability distributions – binomial, normal, Poisson, etc. statistical inference – point and interval estimation, test of hypothesis. Correlation analysis – simple linear, multiple and partial correlation. Simple linear regression analysis. Multiple linear regression analysis.

**AEC 512 Agricultural Production Economics (3 Units) **

Technical aspect of production: the production functions – one product, one variable relationships, one product, two variable factor relationships (item to the n-variable factor case), functional forms and empirical studies. Economic aspect of production, the factor cost and economic profit – the input perspective for factor product and factor –factor relationships, least –cost combinations constrained output and profit maximization, factor demand functions, economic interdependence of factors. Factor cost and profit output perspective. Cost functions, revenue functions, profit maximization, product-supply function, short run and long-run cost curves. Multiple output production: two product, one-factor multiproduct production with n-allocatable factors, cost and profit functions in multiproduct production. Statistical measurement – econometric specification and estimation. Firm performance efficiency and productivity of firms – technical, allocative and economic efficiency, productivity and technical change.

**AEC 513 Farm Management and Accounting (2 Units) **

Book-keeping as an accounting tool. Assets and liabilities. Balance sheets and profit and loss accounts. Trial balance. Financial and capital appraisal tools. Depreciation methods and analysis.

**AEC 514 Principles of Agricultural Cooperatives (3 Units) **

Meaning and History of agricultural Cooperatives; Principles of Agricultural Cooperatives; Types of Cooperatives; Organization and Management of Cooperatives; Role of Cooperatives in Agricultural Development in Nigeria; Women in Agricultural Cooperatives.

**AEC 515 Fundamentals of Econometrics (3 Units) **

Need and Economic Models, basic linear Regression Models; the Method of Least Square; Properties and Assumptions of Least Square Estimators: Coefficient of Correlation; Co-efficient of Determination. Statistical Tests of Significance of the Estimates; violations of basic Assumption; Multi-collinearity, Heteroscedasticity, Auto-Correlation; Multiple regression, Lagged and Omitted Variables.

**AEC 516 Agricultural Economics Analysis I (2 Units) **

Theory of consumer behavior, price theory and resource allocation; analysis of market structure; market equilibrium analyses (partial and general) for outputs, inputs and prices: welfare economics; environmental economics; land economics

**AEC 517 Project Monitoring and Evaluation in Agriculture (****3 Units) **

Project initiation and definition, Project management cycles, Project goals, scope and risk management, Project planning, estimating, scheduling and resources allocation, Project monitoring and control. Meaning and concepts of monitoring and evaluation, principles of project evaluation, Project management tools and techniques and steps in project monitoring and evaluation. Project team formulation and maximization, Project implementation and participation, writing and review of project

Introduction to project appraisal; theory, procedure and data requirements for appraisal and evaluation; Tools of project analysis; The arithmetic of project appraisal; Cost-benefit analysis, rate of returns, cash flow procedures. Farm and other resource valuation. Case studies and practical problems of project evaluation in developing countries.

**AEC 521 Agricultural Marketing (2 Units) **

The role of marketing in agricultural development; marketing functions, channels and costs; the nature of competition in agricultural marketing; cooperative marketing of agricultural products; the process of analyzing marketing problems; Agricultural demand and Price analysis; marketing research, techniques for evaluating marketing efficiency. Domestic marketing of agricultural commodities; international trade in agricultural commodities

**AEC 522 Principles of Agricultural Business Management (3 Units) **

The Scope of Agricultural Business and Management. Types of Agricultural Business Management and Organizations. Management, Accounting, Production Planning; Public policies affecting growth of agricultural business; organization of large-scale farms; legal organization and tax strategies. Economics of Agricultural Processing and Marketing Management. Financial Control, Case Studies of Agricultural Businesses in Nigeria

**AEC 523 Agricultural Development and Policy (3 Units) **

History and Analytical Treatment of Government Agricultural Policies in Nigeria and Developing Countries; Theories and Policies of Agricultural Development; the role of Agriculture in the Economy; Problems of Agricultural Development and Planning. Integrated Rural Development Planning.

**AEC 524 Agricultural Investment and Finance (3 Units) **

Need and role of Credit in Agricultural development; Sources of Agricultural Finance; Decision Criteria in Agricultural Investments; factors affecting Supply and effective Utilization of credits; Classification of credits, credit Assessment (the 5Cs of Credit).

**AEC 525 Natural Resource Economics (3 Units) **

Types and characteristics of natural resources. Natural resource use and conservation problems with emphasis on policies and institutions affecting use and conservation. Theories and principles underlying the pattern of natural resource use. Ownership control and use rights as they affect public policies and plans for natural resource conservation. Externalities and their controls with reference to natural resources. Application of the theory of inquiry to natural resource problems. Analysis of alternative policies in relation to the management of natural resources and environmental quality.

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**AEC 526 Agricultural Economics Analysis II (2 Units) **

Definition and goals of macroeconomics, nature and scope of macroeconomics. Circular flow of income – closed and open economics. National income accounting. Theories of consumption and saving, theory of investment, aggregate demand and supply, money and interest rate – meaning and function of money, demand and supply of money and equilibrium. Relationship between the money and good markets. Monetary and fiscal policies, inflation, unemployment, international trade, economic problems of developing countries.

**AEC 527 Quantitative Techniques for Farm Planning (3 Units) **

Role of operations research in economic analysis. Links between economic theory and quantitative analysis. Introduction to Optimization problems: (a) Minimization; (b) Maximization. Introduction to inventory models. Types of inventory models. Concept of allocation problems in operations research. Types of allocation problems. Optimization process in allocation problem. Models in allocation problems. Linear Programming: simplex and graphical models, Games theory, Input-output analysis. Optimization in linear models. Dynamic, linear and integer programming techniques. Linear and integer, techniques in solving allocation problems.

AEC 540 Seminar (2 Units)

**S**tudents are expected to present a seminar on a special topic.

**AGR 541 Research Project (4 Units) **

Each student in the final year is expected to carry out a research project under supervision and first present the proposal containing the introduction/ background of study, research problems, and objectives, justification of the study, methods of data collection and methods of data analysis.

**AEC 518 Quantitative Techniques for Farm Planning (2 Units) (L. 30: P. 0: T. 15)**

Role of operations research in economic analysis. Links between economic theory and quantitative analysis. Introduction to Optimization problems: (a) Minimization; (b) Maximization. Introduction to inventory models. Types of inventory models. Concept of allocation problems in operations research. Types of allocation problems. Optimization process in allocation problem. Models in allocation problems. Linear Programming: simplex and graphical models, Games theory, Input-output analysis. Optimization in linear models. Dynamic, linear and integer programming techniques. Linear and integer, techniques in solving allocation problems.

AEC 530 Seminar I (1 Unit) (L. : P.0: T. 15)

Students are expected to present a seminar on a special topic.

**AEC 521 Agricultural Marketing (2 Units) (L. 15: P.0: T. 15) **

The role of marketing in agricultural development; marketing functions, channels and costs; the nature of competition in agricultural marketing; cooperative marketing of agricultural products; the process of analysing marketing problems; Agricultural demand and Price analysis; marketing research, techniques for evaluating marketing efficiency. Domestic marketing of agricultural commodities; international trade in agricultural commodities