AExam 1 Fall 2017 AREC 315 FA18 001 Google Chrome Securehttps://d21.arizona.edu/

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AExam 1 Fall 2017 AREC 315 FA18 001 Google Chrome Securehttps://d21.arizona.edu/d2l/le/content/720233/fullscreen/6591376/View Exam 1 Fall 2017 3. An economist at Tyson's Foods is studying the effect of changes in the price of chicken on chicken and beef consumption respectively. What this economist needs are estimates of the a. price elasticity of demand for beef and price elasticity of demand for chicken b. price elasticity of demand for beef and the cross-price elasticity of demand for chicke n with respect to the price of chicken the price elasticity demand for chicken and cross-price elasticity of demand for beef with respect to the price of chicken c. d. the price elasticity of supply of chicken and cross-price elasticity of demand for beef with respect to the price of chicken 1/6 AREC 315 xaim Fall 2017 After graduating from the veterinary school, Dennis has worked in a veterinary clinic for five years. Now she is planning to open her own veterinary practice soon. She prefers the simplest form of business to start with and does not mind ho While the loan she could get along with her savings, are not enough, her parents show 4. lding personal liabilities of the business. O Type here to search 10:20 ANM 9/2018

Explanation / Answer

Answering the first 7 questions:

3. An economist at Tyson’s Foods is studying the effect of changes in the price of chicken on chicken and beef consumption respectively.

4. Dennis’s parents want to just invest capital in the business where Dennis will be managing all operations and management. So, they will be in a limited partnership where Dennis will be the general partner and her parents are limited partners.

5. Cooperatives are committed to the following except helping members to obtain highest returns in invested capital that are outside member’s own business

6. The dynamic change between food-at-home and food-away-from-home is driven by consumers’ preference and also indicates the competition between food retailing sector and food service sector. – True

7. Management by exception usually looks after the financial and operational aspects of business. – False

7. There are various forms of a business enterprise are:

Sole Proprietorship

General Partnership

C Corporation

S Corporation

Limited Liability Company

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