6.6: Concluding Comments
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The overall aim of this chapter was to provide you with some basic tools to work with and make sense of information contained in a time series of prices. At the University of Arkansas, there is a full-semester course dedicated specifically to agricultural prices and forecasting. This is true of most agricultural business and or agricultural economics programs. Consequently, coverage of price series in a general survey course will necessarily be brief. Nevertheless, given the information presented in this chapter, you should be able to identify the different components of a price time series, perform basic adjustment of a series for inflation, and explain some of the conditions that give rise to seasonal and cyclical patterns in agricultural commodity prices. Spend some time with the problem sets below to reinforce the material presented in this chapter.