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2007ExamII_Review - AEC 305 Exam II Review(November 9 2007...

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AEC 305 Exam II Review (November 9, 2007 – A7 (11:50 -1:00) Supply Concepts (Schrimper, Chapter 5) Be able to distinguish between a movement along a supply curve and a shift in the supply curve? What factors shift the farm-level supply curve and in which direction? Be able to calculate and interpret a price elasticity of supply? What factors affect the price elasticity of supply? Models of Market Behavior (Schrimper, Chapter 6) Understand the difference between primary and derived demand. What is the difference between derived and primary supply? Using this framework, be able to illustrate how farm level and consumer level prices are determined. Be sure to know what shifts each of the curves? Define a marketing margin and be able to show the marketing margin graphically. Alternative Market Structures (Schrimper, Chapter 7) Be sure to understand and identify the differences in the classification criteria for various market structures (e.g., number of buyers/sellers, product differentiation, ease of entry/exit)
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