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AGEC 340 Final Exam questions and answers complete solution rated A+ 2024/2025
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AGEC 340 Final Exam questions and answers complete solution rated A+ 2024/2025
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AGEC 340 Final Exam List the eight factors that combine to make the agribusiness sector unique? 1) Food as a product 2) Uncertainty of the weather 3) Seasonality 4) Types of firms 5) Variety of market condition 6) Rural ties 7) Government Involvement 8) Biological Nature How or why could agribusinesses and firms outside the agribusiness sectors make different decisions under similar situations? No firms outside of agribusiness have all 8 unique factors of an agribusiness. These 8 factors would impact the decisions an agribusiness would make. What are the four key functions of management in agribusiness? 1) Human Resource Management 2) Supply Chain Management 3) Financial Management 4) Marketing Management How does our textbook define management in agribusiness? What is the ultimate goal of the agribusiness manager? To maximize long run profits of the firm by profitably satisfying customer needs What are the three roles of the manager? 1) 2) 3) What are the four key tasks of an agribusiness manager? 1) Planning 2) Directing 3) Organizing 4) Controlling What are the three types of planning? Give a brief description of each 1) Strategic - planning to meet long run goals 2) Tactical - Planning what to do in the short term to help meet long run goals 3) Contingency - Alternative plans for various possible situations Discuss management by exception and how an agribusiness manager would use this concept Management by exception involves a manager focusing on aspects of the firm that are not progressing according to the plan. An agribusiness manager can use this to decide where to focus their energy on, if one part of the firm is doing what it is supposed t o then the manager doesn't need to spend time focusing on that. How is accounting profit used by an agribusiness manager? Accounting profit can be used by an agribusiness manager to help make sound financial decisions and calculate economic profit. Write the equation for calculating accounting profits Accounting profit=total revenue -actual measurable costs How does an agribusiness manager use economic profits? An agribusiness manager uses economic profit to decide if they should stay in business. if consistently having large negative economic profits the firm should evaluate if they should stay in business or pursue a different career. Write the equation for calculating economic profit. Economic profit= accounting profit -opportunity costs If an agribusiness pays $50,000 per year to rent storage tanks to store a chemical suspended in a liquid solution used in manufacturing their finished product, is this an implicit or explicit cost? Explicit List three factor that influence supply # of buyers Price of inputs Taxes Weather List three factors that influence demand Consumer preferences Income Expectations Why should an agribusiness seek the assistance of an attorney and an accountant when determining its legal structureThe benefits of buying summaries with Stuvia:
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