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EQ # 13 AGEC 105 (3pts) November 10, 2010

EQ # 13 AGEC 105 (3pts) November 10, 2010. (0.5pt) 1. The information below pertains to agricultural prices for soybeans. What is the deficiency payment for soybeans? $1/bushel.

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EQ # 13 AGEC 105 (3pts) November 10, 2010

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  1. EQ #13 AGEC 105 (3pts) November 10, 2010 (0.5pt) 1. The information below pertains to agricultural prices for soybeans. What is the deficiency payment for soybeans? $1/bushel (1pt) 2. Assume that the own-price elasticity of domestic demand of wheat is -0.5 and that the own-price elasticity of foreign demand for wheat is -1.6. The market share for domestic use of wheat is 70%. What is the own-price elasticity of total demand for wheat? 0.7x(-0.5)+0.3x(-1.6)=-0.35-0.48=-0.83. (1pt) 3. Which of the loan rate is correct? Choose all that apply. (a,c) corn: $1.95/bushel (b) cotton: $0.65/pound (c) wheat: $2.94/bushel (d) rice: $10.50/cwt (0.5pt) 4. Name the legislative act that represented a transition to a market-driven agriculture. 1996 Federal Agricultural Improvement and Reform Act (FAIR Act)

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