AS.290.101 Midterm: Exam 3 No Solutions Spring 2012

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turquoisegnu128

14 Mar 2019

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Please put your name on the exam and the answer form. On your answer sheet, fill in the bubbles for your name and your answers. There are 50 (1 point each) multiple choice and 2 essay (10 points each) questions, so there is about 1 minute per point. Note there are 3 essays to choose from. Answer only 2 of them (i will only grade your answers to the first two you answer). When you are finished, leave your exam and answer sheet in the piles on the front desk. Your grades and an answer key will be posted on blackboard. Australopithecus and homo: had larger teeth, and more robust upper limbs than au. Africanus: all of the above, ardipithecus, was bipedal but probably was not an efficient strider or runner, is for many anthropologists the best candidate for a transition between australopithecus and. Answer any two on the next two pages. (10 points each).

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Essay questions are due at the end of the course. It is strongly recommended that you accumulate your answers as you complete each unit and don't leave them all until the last minute. Please type your responses to the following short answer/discussion questions and short problems. Although your answers need not be lengthy (generally, 1-2 short paragraphs is fine), you should be careful to respond to all parts of the question asked. It is very important that your answers demonstrate that you have made the effort to read the chapter that relates to the question and thoroughly studied the relevant topic. Answers should be submitted in complete sentence and paragraph form, and writing presentation is important. Please remember that late essay questions are NOT accepted. 1. How is a "market" defined? Distinguish between an industry and a market. (1 point) 2. Suppose a market becomes more competitive over time. What happens to the elasticity of demand for a particular firm's good as its market becomes more competitive? (1 point) 3. Why are the monopolist's and the monopolistically competitive firm's demand curves downward sloping while the competitive firm's demand curve is horizontal? (1 point) 4. Why is a perfectly competitive firm's long-run supply curve the same as its marginal cost curve above the average total cost curve? (1 point) 5. Explain why monopolists do not achieve efficiency. (1 point) 6. Another student advocates the forced break-up of large firms, such as Microsoft and AT&T, on the grounds that they have a lot of monopoly power, which they use to charge inefficiently high prices. According to Schumpeter, would breaking apart these gigantic firms guarantee consumers lower prices? Explain. (1 point) 7. Explain why firms should not shut down in the short run until price falls below average variable cost. (2 points) 8. Suppose your economics professor publicly states that she grades on a curve (i.e., the top 10% of the students get an A, the next 20% get a B, the next 40% get a C, the next 20% get a D, and the lowest 10% fail). The whole class could save itself a lot of work by agreeing privately not to study at all for the final exam and just letting the rankings thus far determine the final grades. Why might such an agreement be difficult to maintain and enforce? Which market structure, if any, is this situation most analogous to? (1 point) 9. Why do firms practice price discrimination? Is efficiency affected by price discrimination? If so, how? (1 point)

magentaplatypus337

Solve all please.

INSTRUCTIONS: There are 15 problems on this exam, and each problem is worth 13 points, plus 5 points for writing down an approximate volume of the planet Earth in cubic miles at the bottomleft corner of page 3, for a total possible 200 points. For this exam, you are allowed to use one 8.5"X11" sheet of notes (both sides, in your own handwriting), pencil, eraser, ruler, scratch paper and calculator. Even though the questions are multiple-choice, you need to show enough work to justify your answer in order to receive full credit. After you have determined the correct solution to each problem, write the letter corresponding to your answer in the appropriate space on the right side of the page AND circle your answer. If your answer does not agree with any of the choices, after double-checking your work, choose option E) and prominently mark your answer (box, circle, underline, etc.). Time limit: Two hours. Attach (i.e. staple) any notecard and scratch paper to the rear of this exam paper. Good luck! MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Solve the problem. The northern third of Indiana is a rectangle measuring 96 miles by 132 miles. Thus, let D = [0, 96] times [0,132]. Assuming that the total annual snowfall (in inches), S(x,y), at (x,y) euro D is given by the function S(x,y) = 60e-0.001 (2x + y) with (x,y) euro D, find the average snowfall on D. 51.14 inches 52.06 inches 51.78 inches 52.44 inches Evaluate the work done between point 1 and point 2 for the conservative field F. Using Green's Theorem, compute the counterclockwise circulation of F around the closed curve C. Evaluate the surface integral of G over the surface S. S is the portion of the cone Find the flux of the vector field F across the surface S in the indicated direction. Using the Divergence Theorem, find the outward flux of F across the boundary of the region D. Integrate the function f over the given region. f(x,y) = 1/ln x over the region bounded by the x-axis, line x = 9, and curvey y = ln x Reverse the order of integration and then evaluate the integral Use a double integral in polar coordinates to find the area of the region specified in polar coordinates. the region inside both r = 7 sin Theta and r = 7 cos Theta Use spherical coordinates to find the volume of the indicated region. the region bounded above by the sphere x2 + y2 + z2 = 25 and below by the cone z = Find the center of mass of the rectangular solid of density (x,y,z) = xyz defined by 0 LE x LE 8, Use the given transformation to evaluate the integral. where R is the parallelogram bounded by the lines y = 8x + 8, y = 8x +9, y = -6x + 2, y = -6x +7 Evaluate the line integral along the curve C. Find the work done by F over the curve in the direction of increasing t.

AEC 316 - Agricultural Marketing
Homework Assignment 2: Chapter 2

Name:____________________ Date:____________________

Multiple choice questions.

There is only one correct answer in multiple choice questions. Please, mark the correct

answer. Each multiple choice question is worth 5 points.

1. A perfectly competitive firmâs demand curve equals its:

Marginal cost curve

Average variable cost curve

Average fixed cost curve

Average revenue curve

None of the above

2. A perfectly competitive firm maximizes profits by setting price equal to:

a. Marginal cost

b. Marginal revenue

c. Average revenue

d. Average total cost

e. Average variable cost

3. In order for a monopoly to continue to be a monopoly:

a. The marginal revenue curve must be downward sloping

b. There must be no close substitutes

c. Marginal revenue must equal marginal costs

d. Average total costs must be decreasing

e. None of the above

4. Marketing strategy which involves dividing a broad target market into subsets of consumers who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.

a. Brand name

b. Minor ingredients

c. Market segmentation

d. Product features

e. Packaging

5. What characteristic is indicative of oligopolies?

Low profits

Interdependence of firms

Many firms

Entry is blocked

None of the above

6. At an equilibrium price:

a.The self-interest of consumers is maximized

b.Supply equals demand

c.There is an upward pressure on price

d.There is a downward pressure on price

None of the above

7. When both supply and demand increase, equilibrium quantity will:

a.Decrease

b.Increase

Stay the same

Canât say

None of the above

8. Elasticity is a concept that deals with:

a.Market structure

b.Market equilibrium

c.Perfect competition

d.Consumer and producer sensitivity to changes in prices and income

None of the above

9. A set of competing firms producing similar products or a commodity in a market is called a(n) ___ .

a.Branch

b.Competition

c.Channel

Industry

None of the above

10. A market structure where there is only one buyer of a specific product is called:

a.Monopsony

b.Monopoly

c.Oligopsony

Monopsonistic competition

None of the above

Essay question: 50 points

11. Use the agricultural commodity that you selected in Chapter 1 and choose one agribusiness that buys it. Investigate the agribusiness using the Internet and other resources, and then write an essay addressing all or as many as possible of the following aspects of the agribusiness:

Size

Sales

Scope of product line

Worth (if public)

Number of employees

Locations globally

Market structure

Industry sector

All your answers/discussion should be typed in one essay that is at least 15 lines long (using formal English, correct paragraph and sentence structure, and making sure your ideas flow well from one sentence to another) using Times New Roman, 12 point, double space and 1-inch margins all around. Before submitting the final essay, use the âSpelling & Grammarâ function of the MS Word to correct grammar.

At the end of your essay, provide the full citation record in alphabetical order in your list of references. For examples, visit: http://www.saea.org/wp-content/uploads/2013/08/reference-style-sheet.pdf. Please, note that the list of references does not count toward the minimum required 15 lines. Include your references in the text as â(Smith, 2015)â when citing at the end of a sentence, or âAccording to Smith (2015)â when citing at the beginning of a sentence. For example,

Negative publicity is a key determinant affecting consumersâ buying decisions (Ahluwalia, Burnkrant, and Unnava, 2000).

According to Cawley and Rizzo (2005), pharmaceutical products in the same therapeutic class experienced negative spillover in terms of lost sales.

Note: Most of the future essay questions will build on this essay question and/or the one agricultural commodity that you choose. This means that if there is little information on the agricultural commodity that you have chosen for this essay question, you should consider choosing a more common agricultural commodity on which ample information is available. In addition, this course will require you to compile all your answers to the essay questions into one term paper to be submitted by the end of the course. This means that the more effort you put into answering essay questions now, the more material you will have accumulated for your term paper by the end of the semester.

TYPE YOUR ANSWER TO THE ESSAY QUESTION 11 BELOW USING AS MUCH SPACE AS YOU NEED. THEN, PRINT THE HOMEWORK ASSIGNMENT AND SUBMIT THE HARD COPY.

AS.290.101 Midterm: Exam 3 No Solutions Spring 2012

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