EQ 2 2010 Answer Key

EQ 2 2010 Answer Key - 2. The portion of food expenditures...

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EQ #2 – AGEC 105 – February 3, 2010 – 5 pts 1. The following information pertains to a rice farm near Beaumont: Cash receipts from farm marketings $600,000 Receipts of government payments $100,000 Other income from farm sources $50,000 Production expenses $400,000 Value of real estate assets $9,000,000 Value of non-real estate assets $1,000,000 Financial assets $3,000,000 Liabilities $8,000,000 (a) Net farm income for this operation is $__ $350,000 ____________. (b) The equity for this operation is $____ $5 million ___________.
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Unformatted text preview: 2. The portion of food expenditures associated with the activities of firms beyond the farm gate is known as the __ marketing bill _______________. 3. Given the following data: Quantity wings Total Utility Marginal Utility (MU) 3 36--7 48 ? The MU between 3 and 7 is ___ 3 __________. 4. According to the chart on the right, which bundle is preferred by this consumer? Bundle B Bundle # of Hamburgers Bottles of Coca-Cola Total Utility A 3 3 18 B 6 4 48 C 9 2 36 D 12 1 24...
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This document was uploaded on 12/13/2010.

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