Agricultural Marketing and Price Analysis

(Note: A revised and modernized edition will be out by the end of 2020!)

F. Bailey Norwood and Jayson L. Lusk
Prentice Hall
ISNB-10: 0132211211

Data used in textbook are available in this spreadsheet.

Reviews of Textbook
Journal of Agribusiness book review is available in this pdf file.

Corrections To Textbook (and please send me more if you find more!)
Despite our best attempt to produce a perfect textbook free of errors, as with most textbooks in their first edition, there are some errors. Below are the errors that have been found thus far and links where users may download corrected verions of the text and figures. If you find any errors that are not listed below, please email them to Bailey Norwood at

Chapter 1

Page 22 should say, this is a parity price, a price in one time period that provides the same purchasing power as the price in another time period.

Chapter 3

In the section Study Questions on page 94, question 4, beef, pork, poultry, and fish should be substitutes, yet the cross-price elasticities in the question are negative, when they should be positive. As the price of beef rises, that should cause the quantity demanded of pork to rise, which would only happen with a positive cross-price elasticity. These are real, estimated elasticities, as given by the citation in the question, but probably just not estimated well for a variety of reasons. So I would just tell students to change the negative to a positive sign. On page 94 question 7, it should say "cross-price elasticity of beef demand with respect to pork prices", not "cross-price elasticity of beef supply with respec with respect to pork".

Chapter 4

On page 103, the heading that says Producer and Consumer Behavior in Monoply should say Producer and Consumer Behavior in Monopsony

Chapter 7

On page 209, in Figure 7.14, the predicted price in October should be $0.80, not $0.08.

Chapter 8

The section "The Mathematics of International Market Equilibrium," found on pages 242-245, contains many innaccuracies. The method for calculating the equilibrium is incorrect. The correct version of this section can be downloaded here. For Word Format, click here.

The correct version of Figure 8.17 can be downloaded here. For Power Point Format, click here.

Chapter 9

Page 256, second paragraph..."This may reflect a higher anticipated demand in April..."

Page 267, third paragraph..."A hedge is an instrument that loses you money when prices are favorable and makes you money when prices are unfavorable."

Page 267, third paragraph..."She hedges by selling a corn futures contract..."

Chapter 13

We are more than a bit embarrashed about this Chapter, as we described the second stage of production completely wrong. This file contains the corrected verbage, and this file has the corrected figures.

Questions Bailey has used in class can be found below

This pdf file is a workbook I use for my Introduction to Agricultural Economics class. Pages 105-192 contain a database of questions, where the page numbers of the textbook corresponding to the questions is shown at the top of each page.

From Agricultural Marketing and Price Analysis - 2009
Exam covering parts of Chapters 1-3
Questions covering Chapters 1 & 9
Questions covering Chapters 2 & 3
Exam covering Chapters 9 (not complete)
Questions covering Chapters 10
Questions on Chapter 5, 10, 11, 1
Questions on Chapter 5, 10, 11, 1

  From From Introduction to Agricultural Economics - 2010
Exam covering parts of Chapters 1-3
Exam covering parts of Chapters 1-3
Exam covering parts of Chapters 1,4,8,10