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Midterm Exam - NAME SIGNATURE Midterm Exam#1 Introduction...

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NAME: SIGNATURE: Midterm Exam #1 Introduction to Marketing: BUS 371 Professor Chakravarti INSTRUCTIONS. There are 29 questions in this exam, each worth the same number of points. You have 75 minutes to complete the exam. Please keep your answers short and concise or you will not finish. Remember the object of this exam is to see how well you have absorbed the material at a conceptual level. Move on if you don’t get a question immediately. There are a lot of short questions, don’t overthink them! Answers that are long-winded and don’t make sense will be penalized. Part I. BASICS OF SUPPLY AND DEMAND Use this for Part 1, Q1-Q3. The Economist Magazine identified several exogenous shocks that pushed U.S lobster prices sharply higher. If the U.S. market for lobster is competitive and follows the Law of Supply and Law of Demand, for each of the following scenarios, please illustrate graphically how the exogenous event described will contribute to a higher price of lobster in the U.S. market . (Q1) The U.S. announces that exports of lobster to Eastern Europe were surprisingly higher than expected. (Q2) Some analysts project that the size of the U.S. lobster crop will hit a six year low because of storms that damaged fishing boats across the Eastern seaboard.
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