Exam_II_AEC305_Fall_2005

Exam_II_AEC305_Fall_2005 - AEC 305 Exam II Fall 2005 Name 1...

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AEC 305 Exam II – Fall 2005 Name ______________________________________________ 1. Briefly indicate and illustrate how each of the following events would affect the U.S supply for turkey AND whether it would be illustrated as a movement along a given supply curve for turkey, a shift in the supply curve for turkey, or have no affect on the supply curve for turkey. Clearly label your graphs. (4 points each) a. A 10% increase in contract prices for turkeys b. A 10% increase in the price of feed for turkeys c. Studies indicating the positive health affects of consuming turkey vs red meat. 2. If you were developing a regression equation to estimate U.S. wheat supply, identify four specific economic variables that you would include in your equation. Also indicate if you would expect the coefficient on each variable to have a positive or negative sign (i.e. would it have a positive or negative impact on U.S. wheat supply, holding all other factors constant?) (3 points each) 1._________________________________________________________ 2._________________________________________________________ 3._________________________________________________________ 4._________________________________________________________
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3. Assume you calculate the elasticity of supply for tomatoes to be 0.37.
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This note was uploaded on 02/07/2011 for the course AEC 305 taught by Professor Staff during the Fall '08 term at Kentucky.

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Exam_II_AEC305_Fall_2005 - AEC 305 Exam II Fall 2005 Name 1...

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