RelativeResourceManager - EC 3002 - Exam #1 Take 2 Due:...

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EC 3002 - Exam #1 – Take 2 Due: 8:05AM - February 22, 2011 Dr. Becky Lafrancois 92 total points Instructions and Notes: - No partial credit will be given on the make-up exam - No collaboration is allowed – Anyone caught collaborating will get 0 points on the make- up - Complete ALL of the following questions - Show your work - Clearly label all graphs - Answers do not have to be whole numbers
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2 1. (15 points) Consider the following sequence of events in the US market for strawberries during the years 2009-2010. 2009: Uneventful. The market price of strawberries was $5.00 per bushel, and 4 million bushels were sold. 2010: A series of floods in the Midwest destroyed significant portions of the strawberry fields in Iowa, Illinois, and Missouri. The market price was $8.00 per bushel, and 3.5 million bushels were sold. a. Find a linear demand curve ( Q d = a – bP ) that is consistent with this information. Besides showing appropriate algebra and calculations, explain your work using a supply and demand graph. b.
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This note was uploaded on 02/21/2011 for the course EC 3002 taught by Professor Ad during the Spring '10 term at Michigan Technological University.

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RelativeResourceManager - EC 3002 - Exam #1 Take 2 Due:...

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