AEC 305 Final Exam Review (Fall 2008) 1.Review Answer Keys for Exam 1, Exam II, and Exam III a.Functional, Institutional and Behavioral Approaches to Study Ag Marketing Issues b.Market Power vs Economics of Scale in Affecting Food Prices c.Distinguish Between the Marketing Bill, Marketing Margin, and Market Basket d.Index Number Components and Interpretation e.Real vs Nominal Prices f.Demand and Supply Elasticities – What do they Measure? Interpretation of Elasticities g.Price Flexibility Coefficient h.Relationship of Price Elasticity of Demand and Total Revenue i.Substitutes vs Complimentary Goods j.Normal vs Inferior Goods k.Movement vs Shifts in Supply and Demand Schedules l.Factors Impacting Supply and Demand Elasticities m.Derived vs Primary Demand/Supply n.Recent Supply and Demand Factors Impacting Food Prices o.Classification Criteria for Distinguishing Various Market Structure Models p.Perfectly Competition vs. Imperfect Competition Models, Benefits and Concerns q.
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Supply And Demand,
food prices, vs inferior goods, vs Buyers vs, vs Primary Demand/Supply, Market Power vs