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AGEC 340 Final Exam Questions with Verified Answers Already Passed

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AGEC 340 Final Exam Questions with Verified Answers Already Passed Key functions of mgmt - Answers Marketing Financial Supply chain Human relations Marketing - Answers How products flow through the US food system. Positioning and selling Financial - Answers Profit is driver of AGBU. Gather d...

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  • December 21, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
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  • agec 340 final exam questions with verified answe

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AGEC 340 Final Exam Questions with Verified Answers Already Passed

Key functions of mgmt - Answers Marketing

Financial

Supply chain

Human relations

Marketing - Answers How products flow through the US food system. Positioning and selling

Financial - Answers Profit is driver of AGBU. Gather data to make decisions

Supply chain - Answers Cohesively performing activities and processes beginning to end.

Operational supply chain - Answers Direction and control of process

Logistics - Answers Sorting and transporting goods and services

Human relations - Answers All about the people. Manages mechanics of personnel administration

What make agriculture unique (7) - Answers Food as product, biological nature, seasonality, weather,
types of firms, market conditions, rural ties, gov involvement.

Macroeconomics - Answers Big picture view, includes GDP, inflation, interest

Microeconomics - Answers Applying basic principles within a firm

Shifts in supply - Answers Change in tech, weather, price of other goods, taxes, number of suppliers

Shifts in demand - Answers Number of consumers, price of complements/ substitutes, income,
expectation, tastes and preferences, price

Price elasticity of demand - Answers Measure of demands response to change in price. Take absolute
value.

> elastic, < inelastic, 1 is unit elastic

%change in Qd/ % change in P

Midpoint: (Q2-Q1/P2-P1) X (P1+P2/Q1+Q2)

Point elasticity: (Q2-Q1/P2-P1) X (P1/Q1)

Income elasticity of demand - Answers Demand change in response to income.

+ is normal, - is inferior

% change in Qd/ % change in I

, Midpoint: (Q2-Q1/P2-P1) X (P1+P2/Q1+Q2)

Point elasticity: (Q2-Q1/P2-P1) X (P1/Q1)

Cross price elasticity - Answers Demand for one goods response to change in price of another good

- is complement, + is substitute

% change in X/ % change in Y

Midpoint: (QX2-QX1/PY2-PY1) X (PY1+PY2/QX1+QX2)

Point elasticity: (QX2-QX1/ PY2-PY1) X (PY1/QX1)

Law of supply - Answers Price and quantity supplied have a direct relationship

Law of demand - Answers Price and quantity demanded have an inverse relationship

Market equilibrium/ market clearing - Answers Where demand equals supply is ME

Surplus vs shortage - Answers Surplus: more supply then demand

Shortage: more demand than supply

5 types of business structures - Answers -sole proprietorship

-partnership

-corporation

-cooperative

-limited liability company

Sole proprietorship - Answers -oldest, simplest form of business

-adv: minimal legal requirements, complete control, no income tax

-Disadv: unlimited liability, limit on capital, potential higher tax bracket, lack stability

Partnership - Answers Association of two or more people who are business owners, GP and LP

-adv: easy to start, simplified, taxes, concentrated control/ mgmt

-disadv: GP have unlimited liability, tax on income as separate, lack of stability.

Corporation - Answers Special legal entity endowed by law wiht power, rights, duties of a person

-adv: stockholders not liable for debts, easy to transfer ownership, large amount of capital, never ending

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