A Three-Year Level Study of the Profitability of Corn and Soybean Production
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The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).
History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.
Dates of Existence
1898–present
Historical Names
- Department of Economic Science (1898–1910)
- Department of Economics and Political Science (1910-1913)
- Department of Applied Economics and Social Science (1913–1924)
- Department of Economics, History and Sociology (1924–1931)
- Department of Economics and Sociology (1931–1967)
Related Units
- College of Agricultural and Life Sciences (parent college)
- College of Liberal Arts and Sciences (parent college)
- College of Business (parent college)
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Abstract
Crop producers face many decisions each year about the quantity and quality of inputs to use, the purchasing of these inputs, and the timing of production operations. Because their time for gathering and analyzing information on which to base management decisions is limited, they need to know which decision, areas have the greatest impact on profitability. A set of detailed and accurate records of production, costs, and returns from a group of producers growing corn and soybeans in Iowa over a three-year period was.available from Iowa State University Extension. This information was used to assess the relative importance of various management areas on the profits earned. By comparing time.series as well.as cross sectional data, the Influence of random annual events such as weather is diminished. The objectives of the analysis that Is summarized in this paper were: (a) to test the stability of the relative economic,results of a set of crop producers over time. (b) to quantify the relative impact of various crop management areas on profitability. (c) to test the relationships among the various management areas themselves.