AGEC 2003 : Test 1
Document Summary
1/18/2012 4:42:00 pm: syllabus review, textbook-agricultural economics and agribusiness (8th. 2. 2 million farms 1998, 435 acres/farm: farms workers gave declined- 9. 3 million 1950 to 2. 8 million. Chapter 3: consume behavior and demand1/18/2012 4:42:00 pm. Good 2: izzo" super burrito /combo: identify income of consumer. Consumer has income of : step two, create two points in the top right hand quadrant of the graph. Calculate point 1- income of consumer divided by price good 1: consumer income/ /box raising. Canes = 20: label horizontal axis as raising cane"s. A curve identifying all combinations of two goods that give us equal utility or satisfaction: budget line (equal affordability) What happens if the prices for the two goods change: let"s assume the price of cane"s chicken finger box increase from to ^6. 67. The price of elasticity of demand is calculated as the percentage in quantity divided by the percentage in price.
