Ag Economics Exam 1 study session

Ag Economics Exam 1 study session - Ag Economics Exam 1...

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Ag Economics Exam 1 study session get copies of the old exams – in essence the same questions what is the slope of a line compute the slope of a line marginal utility, total utility – optimum consumption when you go through the exam, answer the ones you know for sure, then answer the ones that you don’t know for sure don’t second guess know the difference between normative and positive reason we study economics/scarcity who gets what, how do we produce, how we distribute supply shifts in because of natural events that shrinks the quantity supplied supply shifts out because of # of oranges Marginal Utility 0 -- 1 .3 2 .25 3 .2 4 .15 what is the total utility of three oranges - .75 cents 2.40 a/dozen – divide it by 12 = .2 an orange between 2 and 3 oranges no questions on consumer surplus demand curve shifts income (declines, the demand will shift in; increases, the demand will shift out) population increases (more people will demand more services; less people will demand less)
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Ag Economics Exam 1 study session - Ag Economics Exam 1...

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