2007Final

2007Final - AEC 305 Final Exam (Fall 2007) NAME _ NOTE: THE...

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AEC 305 Final Exam (Fall 2007) NAME ______________________________________________ NOTE: THE EXAM HAS 110 POINTS, BUT I WILL BASE MY GRADING ON A 100 POINTS --- I.E., EVERYONE GETS 10 BONUS POINTS 1. Briefly describe the difference in the following marketing concepts (4 points each) a. Oligopolist vs a monopsonist b. Real vs nominal prices c. marketing contract vs. a production contract d. seasonal price analysis vs. cyclical price analysis e. primary supply vs derived supply 2. Look at the table below on the farm value vs retail cost for a market basket of food items (updated since the table that was presented in Exam I) a. Briefly describe what is a “market basket?” (3 points) b Interpret the 2007 index value for the retail cost AND the 2007 farm value relative to the base period (1982-1984 = 100). Identify the one which has increased by the largest percentage since the base period? (3 points) c. Calculate the percentage change in retail food prices and the farm value of these food items in the market basket in 2007 relative to the annual value in 2006 . Identify the one which has increased by the largest percentage since 2006 ? (3 points) Farm vs Retail Food Prices Annual Index Values 2004 2005 2006 2007 Market basket Retail cost (1982-84=100) 194.4 198.2 201.9 213.8 Farm value (1982-84=100) 124.4 122.3 120.0 147.6
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3. The decline in the farmer’s share of retail food expenditures over the past five decades has been affected more by which one of the following trends. (3 points): a. consumer’s demanding more convenience, variety, additional processing, and eating-out b. lower farm prices c. increasing profits of concentrated food marketers d. increasing costs of transportation 4. Which one of the following statements is incorrect ? (3 points) a. An effective advertising campaign will shift the demand curve to the right and make it less elastic (or more inelastic). b. An increase in the price of beef will not shift the demand curve for beef to the left
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2007Final - AEC 305 Final Exam (Fall 2007) NAME _ NOTE: THE...

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