University of the Philippines Los Baños

College of Economics and Management

Department of Agricultural and Applied Economics
AAE 120
Agricultural Marketing I

LEARNING LOG: Week 4

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Name: LOPEZ, JHUN JHUN T. Section: AAE 120 Section C Student No.: 2018-04344
Date: October 11, 2020 Unit: 4

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Start Time: 10:00 Module: 1-2
End Time: 11:30

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Evaluation of the
I have learned that… I have a question about...

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Module
Supply has been introduced in Econ 11 but this unit helped Does implicit cost contribute -to the economic income?

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me in recalling important concepts. I have recalled the time
dimension of supply. Very short run period refers to when

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the producer cannot adjust to input that could bring
significant effect in output level. Short run period is when

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producer cannot adjust at least one input considering that
other inputs are variable. Long run period on the hand, is

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when producer can adjust all inputs. These dimensions can
be easily observed through the behavior of graph plotted in

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Q vs P.

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Types of cost are classified into two: according to manner
it is shouldered and according to level of production.
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Explicit cost, which covers the expenses in factors of
production and implicit cost, which accounts for the
resources owned by a firm will fall under the first type.
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Fixed and variable cost are included in the 2nd type. Fixed
cost remained constant throughout production. If cost
changes in the level of production, then it’ll be considered
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as variable cost.
This module helped me also in deriving different variables
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from the formula of each variable.

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 As mentioned, supply has been introduced to me where it
refers to quantities of good or services that a producer is
wiling and able to provide. Just like the concept of demand,
we must consider that the producer is willing and able.
Quantity supplied is the specific amount of good
associated to specific price. Law of Supply states that, an
increase in price will result in an increase in quantity

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supplied, that is, the relationship of the variables

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mentioned are directly proportional. We can also represent
supply through graph, table and equation. The equation
can be presented as Qs=mP+b and in inverse equation form

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as P=mQs+b.

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There are two determinants that could affect agricultural
labor supply- number of workers and labor policies.

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Meanwhile, there are a lot of determinants that could affect
agricultural goods and service such as prices of input

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resource, technology, climate factors, etc.
If you are not yet evaluating a module because you are still studying it, just leave the cell blank.

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1. More time should be allowed for this module.
2. The module contains too many contents.

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3. I find the module useful or practical.
SA (Strongly Agree), A (Agree), D (Disagree), SD (Strongly Disagree)

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er res
se dy
stu
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