Econs.101.Sp.06.quiz2 - Professor Schuler Economics 101...

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Professor Schuler Economics 101 Spring 2006 Quiz 2 Wednesday, April 12, 2006 Instructions Please answer all four parts of the question, at 25 points for each part, and a total of 100 points. This exam is closed book/closed notes and no calculators, computers, Blackberries, cell phones, etc. are allowed. Please write the names of the persons sitting to your right and left on the corresponding corner of the exam book and also sign your acknowledgment and acceptance of the Academic Code of Conduct. Also, please write your TA’s name on the outside of your exam booklet. Make sure to describe any assumptions you make and explain why you’ve made them. If you get stuck on a question, draw a picture or explain how you are trying to analyze the question. Think before you write. Question Although we think of agriculture as a highly competitive industry because of the many small farmers, in fact in the U.S. the food business is dominated by several very large processors and suppliers of the finished products that consumers purchase in the stores. a. Suppose there is only one food supplier in the U.S., the ALPHA Corp., and no
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This note was uploaded on 01/18/2009 for the course ECON 101 taught by Professor Burkhauser during the Fall '08 term at Cornell University (Engineering School).

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