1. EQ #5 – AGEC 105 (3 pts in total) Capps - Sept. 23, 2013
(1pt) 1. According to this diagram pertaining to the demand curve for shrimp for a local retailer, when the market price for shrimp is $6/lb, what is the consumer surplus? Show all work. Be careful of your units of measurement.
2. Consider the demand curve for shrimp in Question 1.
(1pt) (a) If the local retailer engages in a successful advertising campaign, how would you capture this situation graphically?
(1/2pt) (b) The situation in (a) may be characterized as a change in _____________.
(1/2pt) (c) If we were to move along the demand curve in Question 1, this situation may be characterized as a change in _____________.
$10 $6
$ per Pound
5,000
Pounds

2. Random Question
What food item was named for the 18th century British politician John Montagu, an inveterate (chronic) gambler who ate informally at the gaming table rather than at the dining room table?