ECMT461: Introduction to Economic Data Analysis
Version 9/1/2015
Term: Spring 2015
Instructor: Professor Dennis Jansen
Meeting times and location:
Lectures: Monday and Wednesdays, 10:55 11:45 am, Allen 1002.
Recitation: You must also attend a scheduled r
Spring 2010
AGEC 105 Test 2
Capps
Please put the following pieces of information on your scantron:
(a) (b) (c) (d)
Name UIN # Section # Sign the Aggie pledge on the back of your scantron.
On my honor, as an Aggie, I have neither given nor received unautho
Spring 2010 AGEC 105 April 14, 2010 EQ #12 (worth 7 Points)
Which of the following does NOT describe the real roots of the farm problem? (List ALL that apply) (a)Fixity of farm assets (b)Lack of market power by agricultural producers (c)Interest sensitivi
EQ #11 AGEC105 Nove be 1, 2010 mr This EQ is worth 3 points.
1. Select the correct answers for conditions of oligopoly: (1/2pt) (1/2pt) no (a) number of sellers iii. one (b) Product differentiation i. many i. yes ii. few ii.
(1/2pt) 2. Which of the follow
E Q #11 AGEC 105 M ar ch 31, 2010
This graph pertains to a firm labeled as a monopolistic competitor.
P
MC
$3.25 $3.00 $2.75
MR
3200 3400 3500
D
Q
(1pt) 1. If the demand curve were to intersect the quantity axis, the quantity demanded would be equal to _7
AGEC 105 October 26, 2010 (2pts) 1. Which of the following is (are) true about monopolistic competition? List all
that apply.
EQ #10 (4 pts)
(a) There is product differentiation. (b) There are few sellers. food retailing industry is an example of this mar
EQ # 10 AGEC 105 March 22, 2010 (8 points)
Name: _
1.
UIN:_
Section:_
If the marginal physical product of fertilizer in the production of corn is 60 bushels/ton, and if the price of corn is $5/bushel, then the marginal value product of fertilizer is _$300
EQ#9AGEC105March5,2010
1.
$ 40 C B
15 20 25 30
E D
MC ATC AVC
20 17 12
A
Q
(a) When P = $40/unit, what is the profit maximizing amount of output produced by this firm operating in a perfectly competitive environment? Answer: 30 units (b) What is the shutd
AGEC 105 AGEC
1.5pts 1.
EQ #8
(4 pts)
October 18, 2010
Assume that the price of soybean is $5.00 per bushel. When we apply 10 tons of f ertilizer on our 100 acres of soybeans, the total yield is 2,000 bushels. When we apply 30 tons of fertilizer, the tota
EQ #8 AGEC105 March 1, 2010
This EQ is worth 5 points. 1. (a) Labor (hours) 20 30 Wheat Production (bushels) 60 75
The relationship between labor and wheat production is technically referred to as the TPP curve or production function. (b) What is the MPP
EQ #7 AGEC 105 February 24, 2010
(2pts) (1pt) 1. (a) According to this diagram, calculate the income elasticity of demand for pizza between points A and B. = 0.4 (b) What kind of good is pizza? Necessity
I
$35,000 $25,000 A B
14
16
QPizza
(1 pt)
2. Assume
(2pts)
1. According to this diagram pertaining to the demand curve for shrimp for a local retailer, when the market price for shrimp is $6/lb, what is the consumer surplus? Show all work. Be careful of your units of measurement.
$ per Pound
EQ#7AGEC105Feb
A GEC 105 AGEC Capps Capps
E Q #5 (2 pts)
T-Shirts 80 60 40 20 10
Feb. 10, 2010
Wilma has a budget of $1,200. Using the indifference curve analysis, fill in the table below.
C
D 40 Shoes
20
Point C D
Quantity of T-Shirts 60 20
Pairs of Shoes 10 20
Price o
AGEC 105
Quantity of Sandwiches 15 10
EQ #4
(2 pts) (2
Feb. 8, 2010
20
Quantity of Sandwiches
1. What caused the budget line to change? Answer is (b) (a) The price of Chick-fil-A sandwiches rose. (b) The price of Subway sandwiches fell. (c) The expenditur
AGEC 105 AGEC
EQ #3 EQ
(3 pts.)
February 5, 2010 February
1. The following graph depicts alternative combinations of chicken and pork.
Quantity of Chicken 12 (lbs) 9 8
3 5 78 Quantity of Pork (lbs)
(a) Which combination offers the highest level of utility
E Q #2 AGEC 105 Febr uar y 3, 2010 5 pts
1. The following information pertains to a rice farm near Beaumont:
Cash receipts from farm marketings $600,000 Receipts of government payments $100,000 Other income from farm sources $50,000 Production expenses $4
EQ #1 AGEC105
Capps
Worth 5 points. 1. An agribusiness firm may undertake three alternatives: (a) buy cane sugar and manufacture various sugars and sweets, making a profit of $12 million. (b) buy corn and produce ethanol making a profit of $11 million (c)
EQ #14 AGEC 105 (2pts)
November 10, 2010
(1pt) 1. Suppose you have access to the following information: Calculate MPC and MPS. MPC=25000/30,000=5/6; information (1pt) 2. Suppose the followingMPS=1-MPC=1/6 are collected on a country. Calculate nominal GDP
EQ #13 AGEC 105 (3pts)
November 10, 2010
(0.5pt) 1. The information below pertains to agricultural prices for soybeans. What is the deficiency payment for soybeans? $1/bushel
Loan Rate Target Price Market Price
$5/bushel
$6/bushel
$4.5/bushel
(1pt) 2. Ass
EQ #12 AGEC 105 (3pts)
November 10, 2010
(0.5pt) 1. The price support program through a loan rate is controlled by which government agency? Commodity Credit Corporation (1.5pts) 2. Which of the following describe the real roots of the farm problem? (List
AGEC 105 AGEC
EQ #9 (4 pts)
October 20, 2010
1. Given the following graph, which of the following statements are true? (2pts) A ) A shortage of 500 units exists when P = $4. P B) The market clearing price is $3, and the market quantity is 800. $4 C) A sur