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These are the following questions. Thank you for all your help. New and Revised Information for Questions 41 through 45 41. Assuming no change to

These are the following questions. Thank you for all your help.

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New and Revised Information for Questions 41 through 45 41. Assuming no change to demand, if the annual supply of feed corn from the October harvest is forecast to be 960 bushels, what will be the price of feed corn when the harvest is completed in early October? a. $2.58. b. $2.52. c. $2.44. d. $2.35. e. $2.29.42. With reference to question 41, what will be the prices in November, December, January, February, March, and April? Month Nov Dec Jan Feb March Apr a $2.39 $2.49 $2.59 $2.69 $2.79 $2.89 b $2.45 $2.55 $2.65 $2.75 $2.85 $2.95 C. $2.54 $2.64 $2.74 $2.84 $2.94 $3.04 d $2.62 $2.72 $2.82 $2.92 $3.02 $3.12 e. $2.68 $2.78 $2.88 $2.98 $3.08 $3.18 42. With reference to questions 41 and 42, what will be the prices in May, June, July, August, and September? Month May June July Aug Sept a $2.99 $3.09 $3.19 $3.29 $3.39 b $3.05 $3.15 $3.25 $3.35 $3.45 C. $3.14 $3.24 $3.34 $3.44 $3.54 d. $3.22 $3.32 $3.42 $3.52 $3.62 e. $3.28 $3.38 $3.48 $3.58 $3.68 43. With reference to questions 40 through 42, what will be the quantity demanded for the months of October, November, December, January, February, and March? Month Oct Nov Dec Jan Feb March a. 81.76 81.44 81.12 80.80 80.48 80.16 b. 81.94 81.62 81.30 80.98 80.66 80.34 C. 82.19 81.87 81.55 81.23 80.91 80.59 d. 82.48 82.16 81.84 81.52 81.20 80.88 82.67 82.35 82.03 81.71 81.39 81.0744. With reference to questions 40 through 42, what will be the quantity demanded for the months of April, May, June, July, August, and September? Month Apr May June July Aug Sept a. 79.84 79.52 79.20 78.88 78.56 78.24 b. 80.02 79.70 79.38 79.06 78.74 78.42 C. 80.27 79.95 79.63 79.31 78.99 78.67 d. 80.56 80.24 79.92 79.60 79.28 78.96 e. 80.75 80.43 80.11 79.79 79.47 79.15 45. Suppose the harvest was forecast to be 900 bushels and the increase to 960 was due to unexpected favorable weather, or a supply shock. With the different prices and quantities you calculated for the month of October, what is the elasticity of demand for feed corn in October using the midpoint method? a. -0.10 b. -0.11 C. -0.14 -0.16 e -0.19New and Revised Information for Questions 46 through 50 46. Suppose now that the annual supply of feed corn from the October harvest is forecast to again be 900 bushels. But now, reflecting the fact that people consume more food in the colder months, there is a seasonal pattern to demand as shown below in the monthly demand curves. November, December, January, February, and March: Q = 120 -2.4 Price May, June, July, August, and September: Q = 60 - 3.9 Price April and October: Q =75 -3.1 Price What will be the price of feed corn when the harvest is completed in early October? a. $3.27. b. $3.31. c. $3.37. d. $3.45. e. $3.55. 47. With reference to question 46, what will be the prices in November, December, January, February, March, and April? Month Nov Dec Jan Feb March Apr a. $3.37 $3.47 $3.57 $3.67 $3.77 $3.87 b. $3.47 $3.57 $3.67 $3.77 $3.87 $3.97 C. $3.52 $3.62 $3.72 $3.82 $3.92 $4.02 d. $3.55 $3.65 $3.75 $3.85 $3.95 $4.05 e. $3.65 $3.75 $3.85 $3.95 $4.05 $4.1548. With reference to questions 46 and 47, what will be the prices in May, June, July, August, and September? Month May June July Aug Sept a. $3.97 $4.07 $4.17 $4.27 $4.37 b. $4.01 $4.11 $4.21 $4.31 $4.41 $4.07 $4.17 $4.27 $4.37 $4.47 d. $4.15 $4.25 $4.35 $4.45 $4.55 e. $4.25 $4.35 $4.45 $4.55 $4.65 49. With reference to questions 46 through 48, what will be the quantity demanded for the months of October, November, December, January, February, March, and April? Month Oct Nov Dec Jan Feb March Ap a. 64.00 111.24 111.00 110.76 110.52 110.28 62.14 b. 64.31 111.48 111.24 111.00 110.76 110.52 62.45 C. 64.40 111.55 111.31 111.07 110.83 110.59 62.54 64.56 111.68 111.44 111.20 110.96 110.72 62.70 e. 64.74 111.82 111.58 111.34 111.10 110.86 62.88 50. With reference to questions 46 through 48, what will be the quantity demanded for the months of May, June, July, August, and September? Month May June July Aug Sept a 43.43 43.04 42.65 42.26 41.87 b. 43.82 43.43 43.04 42.65 42.26 C. 43.93 43.54 43.15 42.76 42.37 d. 44.36 43.97 43.58 43.19 42.80 e. 44.13 43.74 43.35 42.96 42.57Questions 51 through 54 are related. 51. In the attached article titled "Advanced Auto Parts Stock Slides After Profit Miss" the sixth paragraph reads: "During a call with analysts, Mr. Greco [the CEO] tied "temporary industry softness" to economic uncertainty for low-income consumers, the acceleration of new-car sales from 2010 and mild weather that has reduced the need for seasonal repairs". The phrase "temporary softness" implies: a. The demand curve was further to the right or up than originally expected or forecast. b. The demand curve was further to the left or down than originally expected or forecast. c. Both the demand curve and supply curve were further to the right than originally expected or forecast. d. Both the demand curve and supply curve were further to the left than originally expected or forecast. e. The demand curve was further to the left or down than originally expected or forecast while the supply curve was further to the left or back than originally forecast. 52. The idea that "economic uncertainty for low-income consumers" contributed to the "temporary softness" implies: a. the income elasticity for auto parts is negative - i.e. auto parts are inferior goods. b. the income elasticity for auto parts is positive - i.e. auto parts are normal or luxury goods. c. the income elasticity for auto parts is zero - i.e. auto parts cannot be categorized. d. the prices of complementary products increased. e. None of the above answers is correct. 53. The idea that "mild weather" contributed to the "temporary softness" implies: a. Harsher than normal weather would cause the demand for auto parts to increase from the "typical" year. b. Harsher than normal weather would cause the demand for auto parts to decrease from the "typical" year. c. As a result of mild weather, the demand curve was further to the right or up than originally expected or forecast. d. As a result of mild weather, the demand curve was further to the left or down than originally expected or forecast. e. Both answers a. and d. are correct.54. The idea that "the acceleration of new-car sales from 2010" contributed to the "temporary softness" implies: a. As cars age, their demand for auto parts decreases. b. As cars age, their demand for auto parts increases. c. As a result of the new-car sales, the demand curve was further to the right or up than originally expected or forecast. d. As a result of the new-car sales, the demand curve was further to the left or down than originally expected or forecast. e. Both answers b. and d. are correct. Questions 55 and 56 are related. 55. In the article titled "California's Scrambled Eggs" the sixth paragraph reads: "This comes when egg demand is growing, in part because soaring meat prices have caused Americans to turn to other foods. Per capita consumption is expected to reach more than 260 eggs this year, the highest since 1983, according to the USDA. The poorest consumers have been hit hardest by the price spike because eggs have traditionally been a cheap source of protein". The idea that egg demand is growing, in part because soaring meat prices have caused Americans to turn to other foods, implies: a. Eggs are "normal" goods. b. Eggs are "inferior" goods. C. Eggs and meat are "complementary" products. d. Eggs and meat are "substitute" products. e. Both answers a. and d. are correct.56. The sentence "the poorest consumers have been hit hardest by the price spike because eggs have traditionally been a cheap source of protein" implies: a. Eggs are "normal" goods. b. Eggs are "inferior" goods. c. Eggs and meat are "complementary" products. d. Eggs and meat are "substitute" products. e. Both answers b. and d. are correct

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