Sketch answers for Econ 3520 Final Exam Spring 2013

I have not proofread the following, best I can do to answer your inquiries as time is running short

for us all this semester.

Highlighting embedded in the unhighlighted exam questions.

Each question has the same value and sub questions split a questions value equally.

NB: I am aiming for logic and intuition, for some of you modeling may be useful, but it is not

required. Note that implicitly each question includes a concept like why? and implicitly asks

explain.

1. Short answer questions

   a. Suppose a monopsonist is buying from independent farmers, where is price

         relative to a competitive price? Suppose the farmers form a cooperative and
   
         exactly countervail the monopsony,...