Exam One Study Guide

Exam One Study Guide - Exam One Study Guide. AGEC 505....

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Exam One Study Guide. AGEC 505. Agricultural Market Structures. Spring 2008. EXAM COVERS : Chapter 2, Sections 4.4 and 8.6. Lecture Notes, Assignments One and Two. 1. Why do we study supply and demand? 2. Supply. (a) Define the term, “supply curve.” (b) What does the supply curve represent? (c) How is the supply curve derived? (d) What are the variables that affect the supply of a good (determinants of supply)? (e) What is the difference between the movement along and a shift in supply; change in quantity supplied and change in supply? (f) What is the relationship between substitutes and complements in production? 3. Demand. (a) Define the term, “demand curve.” (b) What does the demand curve represent? (c) How is the demand curve derived? (d) What are the variables that affect the demand of a good (determinants of demand)? (e) What is the difference between the movement along and a shift in demand; change in quantity demanded and change in demand? (f) What is the relationship between substitutes and complements in consumption?
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