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Practice_Midterm_1 - FirmsandMarkets Midterm Midterm ,...

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Firms and Markets Midterm Midterm Please write your name in the space provided at the bottom of this page. Please check that you have 12 pages in your copy of the exam. You should answer three questions in all . To qualify for partial credit, please show enough of your calculations so that the grader can follow the logic of your analysis. If you find yourself running out of time, try to write down the key steps / logic of the answer. Please write your answers in the space provided. If you need more space, please use the back of each page (but be clear to the grader where the answer is). If you need more paper, let me know. Put your name on every extra sheet you want to be graded on. You may consult one page of notes. You are not permitted to consult any other resource. Use of calculators is permitted. You have 75 minutes for the exam, and the exam is worth 75 points. You should use the points allocated to each question as a rough indication of how much time to spend answering it. Good luck!! HonorCode: I understand that the honor code applies: I will not lie, cheat, or steal to gain an academic advantage, or tolerate those who do. _______________________________________ Signature _______________________________________ Name
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Midterm Page 2 QUESTION 1. Coffee market [30 points] ‐ YOU MUST ANSWER THIS QUESTION The graph below shows the global market for unprocessed coffee beans. It shows the world price and the quantity of beans bought for each quarter in 2005, 2006 and 2007. The market works by farmers growing coffee beans and then selling them on the open market to producers who roast, package and market the ground coffee. The global coffee market is perfectly competitive. You are managing a team trying to work out how responsive the demand for unprocessed coffee is to price changes. During your research you find out the following: 1.
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