Nov 9 and 11 Imperfect Competition Models

Aec 305 food and agricultural marketing principles

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AEC 305, Food and Agricultural Marketing Principles AEC 305, Food and Agricultural Marketing Principles
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    Examples of Imperfect Competition on the  Buying Side in Agriculture Minimal number of grain elevators in a  large geographic area Tobacco markets Poultry Hogs Local cattle markets A limited number of contracting firms for  local fruits and vegetables AEC 305, Food and Agricultural Marketing Principles AEC 305, Food and Agricultural Marketing Principles
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    Summary of Imperfect  Competition in Ag Marketing Agriculture  has traditionally been described an industry with  a lot of examples for perfect competition (large number of  buyers and sellers selling/buying homogenous goods, with  ease of entry and exit …. Still examples exist …. But an increasing number of examples of ag firms buying and  selling in imperfect competitive markets Hormone-free beef Organic fruits and vegetables … even tobacco products Free-range chickens High oil corn Genetically modified crops Leads to market power …. How do you measure this?... Is this  good or bad for society?
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    Market Structure, Conduct,  and Performance AEC 305, Food and Agricultural Marketing Principles AEC 305, Food and Agricultural Marketing Principles Market Structure # of Buyers and Sellers Product Similarity Ease of Entry/Exit Info Available Market Conduct Price Decisions Non Price Decisions (product development, advertising/promotion) Quantity Decisions Market Performance Pricing Efficiency Operational Efficiency Profits/Distribution Consumer Preferences Information Government Oversight/Regulation
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    Exam II Score Summary Range:  40-100 Average 74 Distribution: 100  (2) >90  (8) 80-89 (4) 70-79 (17) 60-69 (8) <60  (5)  Journal Entries and other  point opportunities (in-class,  bonus) will help boost your  overall score All Ag Econ Majors MUST  earn a grade of a “C” or better  to graduate
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    Bonus Points (5) Send me (via email ( [email protected] )) by no later than Friday, November 12 th  an  APPLICATION TYPE  exam question and answer  based on the material covered on Exam II.    This question must be original (not on the exam or one from a textbook or  from another classmate or previous exam).  Put the following in the subject line  (AEC 305 BONUS) Point Distribution as follows   1 point for effort   3 points for correct answer, but not really a solid answer or   a very good question   5. points for a solid question/answer
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