AGEC 105 EQ #9 October 16, 2013 This EQ is worth 3 points.

Question 1   Point Price Quantity Supplied A 1 2 B 3 C 6 D 4 8

Question 2   P S $4 $2 30 Q (million) 30 profits or economic rent

Question 3 (1/2pt) Given the diagram below, define Pe and Qe. Psoybeans S Pe D Qe Qsoybeans Pe  equilibrium or market clearing price Qe  equilibrium or market clearing quantity

Random Question: Name one of the three economists who were awarded the Nobel Prize in 2013. Fama – University of Chicago Hansen – University of Chicago Shiller – Yale University