Final Exam Review (Fall 2009) 1. Review Answer Keys for Exam 1, Exam II, and Exam III a. Functional, Institutional and Behavioral Approaches to Study Ag Marketing Issues b. Review How Market Power and Economics of Scale May Impact Food Prices c. How are Changing Demographics and Consolidation Affecting Food Markets? d. Distinguish Between the Marketing Bill, Marketing Margin, and Market Basket e. Index Number Components and Interpretation f. What is the CPI and How Do Economists Use the CPI? g. Real vs Nominal Prices h. Demand and Supply Elasticities – What do they Measure? Interpretation of Elasticities i. Price Flexibility Coefficient j. Relationship of Price Elasticity of Demand and Total Revenue k. Substitutes vs Complimentary Goods l. Normal vs Inferior Goods m. Movement vs Shifts in Supply and Demand Schedules n. Factors Impacting Supply and Demand Elasticities o. Derived vs Primary Demand/Supply p. Recent Supply and Demand Factors Impacting Food Prices q. Classification Criteria for Distinguishing Various Market Structure Models
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