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Quest

Abstract

Economic Analysis

Research in progress for ECON 2302: Principles of Microeconomics

Faculty Mentors: Millie D. Black, Ph.D., and Michael Latham, Ph.D.

The following paper represents research begun by students in Honors Principles of Microeconomics. The honors course introduced students to numerous economic models and methods of analysis. Students were asked to identify an economic issue or controversy related to topics studied in class and to provide a literature review relevant to their topic. Students were also asked to provide an economic analysis, discuss opposing viewpoints, present an economic evaluation of various policy options, and make a recommendation regarding the preferred policy response.

In the following economic analysis, Toluwani Ogunbayode examines the effects of Genetically Modified Organisms (GMOs) on the United States crop market. Toluwani uses multiple economic concepts in analyzing GMOs, including consumer choice, market impacts, and market failures and externalities. The paper also provides a social perspective to provide insight into the full costs and benefits of GMOs in agriculture production. This paper will further his understanding of the complexities of agricultural markets and economic methods for policy analysis in agricultural economics.

Faculty Mentor

James Latham, Ph.D.: jlatham@collin.edu

Millie Black Ph.D.: MDBlack@collin.edu

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